United States stock markets will be closed Thursday, Nov. 23 in observance of the Thanksgiving holiday.

The Nasdaq and New York Stock Exchange will be closed Thursday and will reopen Friday, albeit with reduced hours.

The New York Stock Exchange and Nasdaq will open at its regular time Friday but will close at 1 p.m. EST.

The U.S. bond market will also be closed Thursday and will close at 2 p.m. EST Friday, according to the Securities Industry and Financial Markets Association.

Thanksgiving marks the second last market closures on the 2023 holiday schedule, outside of Christmas Day. After that, the markets will close again on New Years Day and Martin Luther King Jr. Day (Monday, Jan. 15).

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In 1863, Abraham Lincoln proclaimed a national day of thanksgiving to be celebrated on Thursday, Nov. 26. The holiday was proclaimed by every president thereafter, and the date chosen, with a few exceptions, was the last Thursday in November. Franklin D. Roosevelt issued a proclamation in 1942 designating the fourth Thursday in November as Thanksgiving Day, according to Britannica.