Wall Street slides into summer with a light economic calendar but lots of Fed speakers in the week ahead.
Market focus will remain on the technology stocks, which steadied Friday but were mixed after another bout of weakness. The S&P technology sector was the worst performing, down 1.1 percent for the week.
There could also be more fallout from the big $13.7 billion Amazon bid for Whole Foods, which rattled stocks of retailers and food companies alike, wiping tens of billions from their market capitalization. There was speculation another buyer could emerge for Whole Foods, and its stock finished slightly above the $42 offered by Amazon.
The Fed speakers will be important because of market concerns that the Fed is going forward with rate hikes at a time when inflation and other data are not quite up to expectations. Housing starts, retail sales, consumer inflation and consumer sentiment all missed forecasts in the past week, even though the Fed sounded confident in the economy and held onto its forecast for another rate hike this year and three in 2018.
"It is a pretty light week in terms of news. People are probably still digesting the Fed meeting a little bit; the ultimate effect of that is likely to be a positive one, whether that shows up next week, I'm not sure. We have another rate hike under our belt," said Aaron Anderson, senior vice president, research at Fisher Investments.