US futures trading is operational through Globex, with Emini S&P and Nasdaq showing a slight increase. However, trading will pause soon as the US observes Labor Day on Monday, September 1. US stock exchanges and bond trading are closed, following SIFMA’s holiday guidelines.
SIFMA’s recommendations affect U.S. dollar-denominated government securities and other financial instruments. FX desks are either closed or operate minimally. Canada observes the holiday too, leading to a quiet North American market.
CME Futures Schedule
CME futures operate on a schedule in Central Time. Equity products opened at 5:00pm on Sunday, August 31, and stop trading at 12:00pm on Monday, resuming at 5:00pm. Cryptocurrency follows a similar schedule, halting at 4:00pm before resuming at 5:00pm. Interest rate products stop at 12:00pm and also resume at 5:00pm on Monday, with all products returning to regular hours on Tuesday, September 2.
With the US Labor Day holiday on Monday, September 1, we expect very thin trading conditions. Markets will have a short session Monday, with Globex halting for equities and interest rates at 12:00 pm CT. This low liquidity can lead to exaggerated price movements, so it’s wise to be cautious with any new positions.
Once traders return on Tuesday, we anticipate a significant pickup in volume as the summer trading period officially ends. This return to full market participation often sets the tone for the rest of the year. We must be prepared for a shift in market dynamics away from the lower-volume trends we saw in August.
Historically, September is the weakest month of the year for the S&P 500. Looking at data going back to 1950, the index has posted an average decline of about 0.7% during the month. This seasonal headwind suggests we should consider more defensive posturing in our equity derivative strategies.
Market Volatility and Economic Indicators
This historical weakness is often accompanied by a rise in volatility. The CBOE Volatility Index, or VIX, has historically shown a tendency to climb in September and October after reaching summer lows. As of late August 2025, the VIX has been hovering near the 14 level, but we could see that change quickly.
Key economic data will drive the narrative in the coming weeks. The August jobs report, released just before the holiday weekend, showed a stronger-than-expected gain of 210,000 payrolls, keeping inflation concerns on the table. This makes the upcoming Consumer Price Index (CPI) report and the Federal Reserve’s meeting on September 17th critical market events.
Given this backdrop, we should evaluate strategies that protect against potential downside or benefit from a rise in volatility. This could involve buying put options on major indices as a hedge against a market dip. Alternatively, positioning in VIX call options could be a direct way to speculate on the seasonal increase in market uncertainty.
