United States stock markets will be Michael Schmidtclosed on Monday, Sept. 4, in observance of the Labor Day holiday.

The Nasdaq and New York Stock Exchange will be closed Monday and will reopen at 9:30 a.m. ET on Tuesday, Sept. 5.

The U.S. bond market will also be closed on Monday.

According to the U.S. Department of Labor, the holiday is "an annual celebration of the social and economic achievements of American workers."

The holiday traces its roots back to the late nineteenth century, when labor activists pushed for a federal holiday to recognize the many contributions workers have made to American's strength, prosperity and well-being, according to the department.

What's open on Labor Day?See the full list of restaurants, grocery stores and retail

The first Labor Day holiday was celebrated on Sept. 5, 1882, in New York City, in accordance with the plans of the Central Labor Union.

President Grover Cleveland signed a law on June 28, 1894, that makes the first Monday in September of each year a national holiday, according to the Department of Labor.