Business

This is how some Dow industrial companies celebrate June 16th

The Dow Jones Industrial Average will not trade on Monday observing the new June 16 federal holiday as the stock market and many of the Dow components will be closed.

That’s a relatively quick reversal for the New York Stock Exchange and Nasdaq to close for June 16, just a year after June 16 legislation commemorating the end of slavery in the US was signed into law. By comparison, it took the NYSE and other stock exchanges 15 years to shut down after Martin Luther King, Jr.’s holiday was signed into law.

Continue reading: Closures on June 16: Are banks and post offices open on June 20?

also read: How should June 16 be celebrated by businesses and consumers? “We live in a capitalist society.”

Some public companies outside of the Dow 30, including Twitter TWTR,
-0.03%
and Block Inc. SQ,
-0.47%,
have announced for the past two years that they will make June 16 a paid company holiday.

The proportion of companies observing the holiday appears to be increasing: Nine percent of the 400+ companies surveyed by staffing firm Mercer in early 2021 said they had designated June 16 as a paid holiday, but preliminary results of the company’s survey this year found that 33% of the 200 employers who have responded so far had made it a paid vacation and 11% were thinking of doing so for the next year.

MarketWatch has reached out to all 30 components of Dow Industrials for how they will watch the holiday. While closing the doors is difficult for many companies due to the nature of their businesses, many are offering their employees paid leave, while some others will go a little further.

Here’s what the companies that responded said:

  • Financial and travel service companies American Express Co.
    AXP,
    +2.09%
    : “American Express is proud to mark this year’s June 16 celebration as a corporate holiday in the United States,” the company said in a statement. “To honor June 16, we will be holding events in partnership with our local Black Engagement Network (BEN) chapters and encouraging all our colleagues to take time to learn, celebrate and reflect on the importance of this day .”

  • Caterpillar Inc.
    CAT,
    -1.08%
    : The construction and mining equipment maker said it has a series of events and celebrations planned across the country from June 16-20, including virtual and local events with guest speakers, in-person reflections, story-sharing and more. “Caterpillar employees receive a flexible holiday and available time off to observe and celebrate events like June 16 that inspire and reflect the rich diversity of our workforce.”

  • networking company Cisco Systems Inc.
    CSCO,
    +0.09%
    : Cisco recognizes June 16 as a paid holiday for its US employees.

  • banking and brokerage transactions Goldman Sachs Group Inc.
    gs,
    -1.70%
    : Goldman Sachs will close on June 20th.

  • Home Improvement Retailer Home Depot Inc.
    hd,
    -0.37%
    : Shops and offices are open. “Due to the nature of our business, we are open on most holidays (closed Thanksgiving and Christmas),” the company said. “As with all nationwide public holidays, our employees in the branches receive overtime premiums for hours worked. We will be hosting a number of employee events and celebrations this week.”

  • semiconductor manufacturer Intel Corp.
    INTC,
    -1.81%
    : “Intel is proud to mark June 16 as a public holiday for US employees,” the company said. “Our US corporate offices will be closed on June 20th. Intel’s global manufacturing operations run 24 hours a day, 365 days a year and remain open.”

  • technology hardware company International Business Machines Corp.
    IBM,
    -1.66%
    : IBM employees can take June 16 as paid vacation.

  • The pharmaceutical, healthcare services and consumer products company Merck & Co. Inc.
    HRC,
    -1.43%
    : Merck announced that it would officially recognize the June 16 federal holiday on June 20. “As a company that works tirelessly to support the Black community and deeply respects its culture and traditions, Merck marks June 16 as a paid U.S. company holiday,” Merck said in an email statement. “Our celebrations have already begun with a series of events hosted by the League of Employees of African Descent (LEAD), a resource group for Merck employees.”

  • microsoft corp. MSFT,
    +0.67%
    : The software giant said it is recognizing Juneteenth by inviting all employees to participate in a day of exploration, learning and engagement on June 20 while offices remain open. “Our approach is to use this day to create time and space for employees to better understand critical issues related to race, ethnicity and racial injustice, rather than making this a paid holiday,” Chief Diversity said Officer Lindsay-Rae McIntyre. “Some employees may wish to celebrate this day with the community and family and can use one of the company-provided floating holidays,” added McIntyre.

  • Sports equipment and accessories giant Nike Inc.
    NKE,
    +0.10%
    : On June 16th, Nike announced it would close its US retail and distribution operations on June 19th, followed by corporate, manufacturing and Converse distribution operations on June 20th. Manufacturing facilities in Missouri will be closed on June 19th and 20th.

  • Customer relationship management software company Salesforce Inc.
    CRM,
    +2.18%
    : “At Salesforce, Juneteenth is a floating corporate holiday in the United States that can be used for recreation, reflection or volunteering,” a company spokesman said in an emailed statement.

  • health insurance company United Health Group Inc.
    UNH,
    -0.78%
    “We will commemorate June 16 this year by working with our employees to help expand their cultural knowledge through June 16 educational resources and activities,” the company said. “We offer employees flexible paid time off to balance work with personal or family needs, including days of personal or cultural significance like June 16.”

  • Service company for drugstores Walgreens Boots Alliance Inc.
    WBA,
    -0.15%
    : “Walgreens stores are open on June 20, as are our corporate offices,” the company said.

MarketWatch did not receive responses from the other 17 Dow companies prior to the release of this report, but the report will be updated with their comments as they come in.

The other Dow components are 3M Co. MMM,
-1.66%,
Amgen Inc AMGN,
+1.61%,
Apple Inc. AAPL,
+0.86%,
Boeing Co BA,
+1.28%,
Chevron Corp. CVX,
-5.06%,
Coca-Cola Co. KO,
+0.81%,
Dow Inc. DOW,
-2.23%,
Honeywell International Inc. HON,
-0.55%,
Johnson & Johnson JNJ,
-0.31%,
JPMorgan Chase & Co. JPM,
-1.00%,
McDonald’s Corp. mcd,
-0.66%,
Procter & Gamble Co.PG,
-0.79%,
Travelers Companies Inc. TRV,
-0.40%,
Verizon Communications Inc. VZ,
-0.51%,
Visa Inc. V,
-1.35%,
Walmart Inc. WMT,
-1.72%
and Walt Disney Co. DIS,
-0.23%

Meera Jagannathan contributed to this report.

https://www.marketwatch.com/story/heres-how-some-dow-industrials-companies-are-observing-the-juneteenth-holiday-11655481531?rss=1&siteid=rss This is how some Dow industrial companies celebrate June 16th

Brian Lowry

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