Following a tumultuous week for the markets, Wall Street will pause on Monday to mark the Juneteenth holiday.
There will be no trading in stocks as U.S. equity markets will be closed.
The U.S. bond market is also closed, so no trading in Treasuries.
Stock futures will trade on an abbreviated schedule. They will trade until 1:00 p.m. ET.
RECESSION FEARS SPIKE AMONG CEOS, WITH 60% FORECASTING ECONOMIC DOWNTURN
Metal and energy futures will trade until 2:30 p.m. ET.
Oil prices tumbled about 6% to a four-week low on Friday on concerns demand will slump as interest rate hikes by central banks will slow the economy.
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The price of U.S. West Texas Intermediate (WTI) crude fell $8.03 to settle at $109.56.
Wall Street closed out its most punishing week since the 2020 coronavirus crash with a day of trading Friday that left it a bit higher.
|I:DJI||DOW JONES AVERAGES||30615.7||-403.98||-1.30%|
|I:COMP||NASDAQ COMPOSITE INDEX||11430.941026||-104.08||-0.90%|
The S&P 500 rose 8.07 points, or 0.2%, to 3,674.84 after waffling between modest losses and gains for most of the day.
The Dow Jones Industrial Average dipped 38.29, or 0.1%, to 29,888.78, while the Nasdaq composite climbed 152.25, or 1.4%, to 10,798.35.
FED COULD ‘BREAK’ THE ECONOMY WITH AGGRESSIVE RATE HIKE CAMPAIGN, ANALYST SAYS
For the week, the S&P 500 lost 5.8% for its tenth drop in the last 11 weeks. That’s its worst week since March 2020, when stocks were in free-fall as the global economy suddenly shut down at the onset of the pandemic.
The S&P 500 remains in a bear market after it earlier this week dropped more than 20% below its record. It’s now 23.4% below its all-time high set in January and is back to where it was in late 2020.
POWELL PLEDGES THE FED IS ‘ACUTELY FOCUSED’ ON TACKLING INFLATION
On Wednesday, the Fed hiked its key short-term interest rate by triple the usual amount for its biggest increase since 1994. It could consider another such mega-hike at its next meeting in July, but Fed Chair Jerome Powell said increases of three-quarters of a percentage point would not be common.
A highlight for the coming week will be Powell testifying before Congress on monetary policy. The testimony is scheduled for Wednesday and Thursday, which could mean more steep swings for Wall Street.
The Associated Press contributed to this report