Wall Street returns Monday after a long weekend.

The U.S. stock market was closed Friday for the Juneteenth federal holiday, and regular trading resumes the morning of Monday, June 22, 2026. Investors come back to digest a turbulent week, one dominated by the Federal Reserve’s first meeting under new chair Kevin Warsh.

Stocks still finished the week in the green. The S&P 500 rose 0.9% for the week, its 11th winning week in 12, while the Nasdaq Composite jumped 2.4% and the Dow Jones Industrial Average added 0.7%. A rebound in chip stocks powered the comeback after a sharp midweek sell-off, a reminder of how much the major stock indexes now lean on a handful of technology names.

The Fed reset the mood. On Wednesday, June 17, the central bank held its benchmark rate steady but flipped the script on what comes next. The S&P 500 fell 1.21% and the Nasdaq Composite shed 1.34% that day as Treasury yields rose, with the 2-year note climbing about 11 basis points.

In its statement, the FOMC said it “decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent.” The decision was unanimous. The surprise was in the projections: the median forecast in the so-called dot plot moved the expected year-end 2026 rate up to 3.8%, from 3.4% in March. That implies a quarter-point italichike/italic this year rather than the cut markets had penciled in. Half the rate-setting committee now sees at least one increase in 2026, citing an inflation pickup linked to the war with Iran.

Warsh, who has long been skeptical of detailed forward guidance, declined to publish his own rate path and instead announced internal task forces to review Fed operations. For markets, the takeaway is a “higher-for-longer” message that raises the stakes for every inflation print between now and the next meeting. For background on the tools a central bank uses to tighten or loosen policy, see our explainer on tapering and monetary policy.

Earnings: light calendar, heavy reads. The week’s reporting slate is thin but features two economic bellwethers:

  • FedEx (FDX) reports fiscal fourth-quarter results on Tuesday, June 23, after the close. As one of the world’s largest logistics companies, FedEx is widely treated as a proxy for global shipping demand and the health of trade.
  • Micron Technology (MU) follows on Wednesday, June 24, after the close. The memory-chip maker has guided fiscal third-quarter revenue to a record of roughly $33.5 billion and adjusted earnings near $19.15 a share, a key gauge of AI-driven demand for high-bandwidth memory.

Because so much of this year’s rally has ridden on semiconductors, Micron’s guidance could set the tone for the entire chip complex. Investors worried about concentration risk have increasingly looked at S&P 500 funds that strip out the “Magnificent 7” to diversify away from that crowded trade.

The main event is inflation data. On Thursday, June 25, the Bureau of Economic Analysis releases the Personal Income and Outlays report for May, which includes the PCE price index — the Fed’s preferred inflation gauge — at 8:30 a.m. ET. The same morning brings the third estimate of first-quarter GDP, the durable goods report, and weekly jobless claims. A hotter-than-expected PCE reading would reinforce the hawkish dot plot and pressure rate-sensitive stocks; a cooler print could ease the rate-hike chatter.

What to Watch This Week

  • Treasury yields. The 2-year and 10-year yields are the cleanest read on whether the market believes the Fed’s hike signal. Renewed upside in yields would weigh on growth and tech names.
  • FedEx guidance (Tuesday). Forward commentary on shipping volumes matters more than the headline EPS for the broader economy.
  • Micron’s outlook (Wednesday). A read on AI memory demand and pricing that could swing the semiconductor group.
  • PCE inflation (Thursday). The single most important number of the week for the rate path. Core PCE is the figure to watch.
  • Oil prices. With the inflation spike tied to the conflict involving Iran, any move in crude feeds directly back into the Fed’s calculus.

After a week defined by the Fed, the next few sessions will test whether the chip-led rebound can hold against a higher-for-longer backdrop — and whether Thursday’s inflation data gives the bulls room to run.