Triple Witching Day Falls on Juneteenth. What That Means for Stock Markets

Dow Jones06-18 18:24

Traders have to be on their toes this week as the Juneteenth public holiday shifts the schedule for when options expire, potentially meaning volatility for the stock market.

The third Friday of March, June, September, and December are called triple witching days because stock options, stock-index futures, and stock index options all expire on the same day. Triple witching days can lead to higher volume and volatility.

However, this Friday is Juneteenth -- a day that commemorates the end of slavery in the U.S. -- meaning that American stock markets are closed. Instead, Thursday will effectively be the witching day as options expire one day early.

Witching days don't necessarily have a predictable effect on the stock market. In 2024 and 2025, the S&P 500 and Nasdaq Composite rose on four of those days and fell on the other four, according to Dow Jones Market Data. However, they can mean elevated trading volumes as traders close or renew their positions.

"Witching is not a trading signal. It is a reminder that, several times a year, market structure briefly becomes as important as macro narrative, " wrote Imanol Urquizu, European head of derivatives at Santander Asset Management.

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