A flurry of Fed speakers and any new trade developments could shake up what normally might be a slow week of trading ahead of the three-day Memorial Day holiday weekend.
Stocks ended the past week with losses, as trade-related headlines caused big swings in the market. The Dow ended the week with a 0.7% loss to 25,764 in its fourth negative week. The S&P 500 fell for a second week, losing 0.8% to 2,859. The Nasdaq lost even more, 1.2% for the week, after U.S. action against China's Huawei depressed U.S. tech names that do business in China.between the U.S. and China appear to have stalled, and there have been no discussions on scheduling a new round.
Boockvar, like others, had been looking for a trade deal earlier in the month, but there has been no sign of positive movements, and the crackdown on Huawei raised concerns about China retaliating against U.S. companies. The market this week began pricing in more than one Fed rate cut for this year, as traders in fed funds futures reacted to some weaker economic data.
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