According to BlockBeats, Barclays Plc analysis indicates that the demand for portfolio adjustments on Fridays significantly increases the cost of trading high-grade corporate bonds by 31% compared to other days. Impax's Trzcinka noted increased market activity on Fridays, highlighting uncertainty about weekend developments.
Historically, Fridays were the cheapest day for bond trading, but this trend has reversed. Barclays analysts Zornitsa Todorova and Andrea Diaz Lafuente reported that in March and April, investment-grade corporate bond trading on Fridays accounted for 18% of weekly volume, up from 16% in 2023 and 2024.
Since U.S. President Donald Trump resumed office, market activity has seen broader fluctuations due to his unpredictable policy decisions on tariffs, immigration, and foreign affairs, contributing to the heightened Friday trading pace. Bloomberg Intelligence analyst Athanasios Psarofagis found that the average weekly stock market trading volume in 2025 increased by 37% compared to the previous four years, with Friday trading volume surging by 42%.
Last weekend, the reasons for this growth became apparent as Trump and his Treasury Secretary released successive trade-related announcements, leading to significant market changes by Monday. The S&P 500 index rose by 3.3%, the Nasdaq 100 returned to a bull market, and credit markets showed a sharp decline in investor default concerns. Mark Clegg, a senior fixed-income trader at Milwaukee's Allspring Global Investments, emphasized the importance of reducing portfolio risk before the weekend, stating, "No one wants to enter the market on Monday morning trying to correct mistakes after significant changes."
Despite increased trading speed and volume, transaction costs remain high, particularly for asset management firms. Cantor Fitzgerald asset management portfolio manager David Schiffman remarked, "Portfolio managers are forced to sell what they can, not what they want. There's a daily lack of direction and certainty, nearing the most extreme levels I've seen in my career."