Traders will get some time off from the stock market on Labor Day following what had been a mostly optimistic summer for equities, only to record a three-week losing streak since mid-August.
U.S. commodities markets, including gold and WTI crude futures, as well as the bond market, won't be open for trading on Monday, though stock futures will be in play (trading opened at 6 p.m. on Sunday night, with contracts linked to the Dow, S&P 500 and Nasdaq hovering near the flatline).
Those also wanting in on some action could dip into the crypto trade, which never sleeps - not even nights or weekends. Bitcoin +0.2% to $19,742 and Ethereum +0.9% to $1,563, at the time of writing.
The recent downturn in stocks follows the economic symposium in Jackson Hole, where Fed Chair Jerome Powell confirmed that the central bank would be willing to forego any economic gains made during the pandemic - and possibly a soft landing - in order to ensure that inflation doesn't get out of control.
Speaking of Labor Day, the non-farm payrolls report from the Labor Department on Friday beat expectations, with another 315,000 jobs created in August. The strong showing means that FOMC policymakers will likely be considering another 75 basis point rate hike later this month as they seek to tamp down demand and combat price pressures while the labor market is strong. The central bank has increased its federal funds rate target range by 225 bps in its past four meetings, with 75-bp hikes at each of the last two.