How the markets observe Juneteenth and how it could impact trading
The pause in the markets comes after Wall Street notched a fifth straight winning week
AI boom is responsible for stock market's 'narrow' recovery: Scott Shellady
The Cow Guy Group founder Scott Shellady and Standard Chartered Bank head of North American macro strategy Steven Englander discuss whether the stock market continues to rally or a recession hits hard on 'The Claman Countdown.'
Wall Street will pause on Monday to mark Juneteenth, which became a federally recognized holiday in 2021.
And, 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, until 1 p.m. ET.
MAJOR BANK ISSUES STARK WARNING ON STOCK MARKET'S BIG RALLY
An NYSE sign on the floor at the New York Stock Exchange. (Seth Wenig, File / AP Newsroom)
Metal and energy futures will trade until 2:30 p.m. ET.
The break in trading comes after stocks fell on Friday, yet still managed to close out a fifth straight winning week for the longest streak since November 2021.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
Stocks are close to the highest level since April 2022.
The S&P 500 fell 16.25 points, or 0.4%, to 4,409.59 after wobbling through the day.
FED WARNS TIGHTER CREDIT CONDITIONS COULD SLOW US GROWTH
Treasury yields also rose, with the 10-year Treasury notes rising to 3.76% from 3.72%. (Al Drago/Bloomberg via / Getty Images)
The Dow Jones Industrial Average slipped 108.94, or 0.3%, to 34,299.12, and the Nasdaq composite fell 93.25, or 0.7%, to 13,689.57.
Treasury yields also rose, with the 10-year Treasury notes rising to 3.76% from 3.72%.
The yield on the two-year Treasury, which moves more on expectations for the Federal Reserve, rose to 4.72% from 4.65%.
The Fed kept its benchmark interest rate steady at last week's meeting.
FED OFFICIALS SIGNAL RATES MAY NEED TO GO HIGHER TO FIGHT INFLATION
The Fed had raised interest rates at 10 straight meetings since March 2022. (Lucas Jackson / Reuters Photos)
It may be just a momentary pause as the central bank warned that it could raise rates twice more this year.
The next Fed meeting will be July 25-26, and Wall Street is betting that it will raise rates.
The Fed had raised interest rates at 10 straight meetings since March 2022. Its goal has been to slow the economy to cool inflation but not so much that it causes a recession.
CLICK HERE TO READ MORE ON FOX BUSINESS
The Fed's latest meeting was preceded by a report showing that inflation continued cooling in May.
Investors have a considerably quieter week ahead, with just a few economic updates on the housing market.
FOX Business' Michael Goldstein and The Associated Press contributed to this report.