The city of New York, New York will see the U.S. stock market close on Friday, March 29, in observance of Good Friday. This closure coincides with the conclusion of business in the $27 trillion Treasury market, which wrapped up earlier at 2 p.m. Eastern on Thursday for the holiday.

Despite a momentary pause earlier in the week, stocks rallied robustly in the first quarter. The S&P 500 index gained 10.2%, marking its strongest start to a year since 2019. The Nasdaq Composite Index also saw a gain of 9.1% for the quarter, with the Dow Jones Industrial Average not far behind at 5.6% higher over the same period.

Following a rough patch two years ago, all three major U.S. stock indexes have regained record levels in the first quarter. This recovery comes as the Federal Reserve raised rates to combat persistent inflation, with the economy maintaining stability even as rates remain at near-record highs.

Investors are anxiously awaiting the Fed’s potential shift to rate cuts later this year, with a keen focus on a potential June rate cut. Economic data released on Thursday showed positive consumer sentiment in the economy, with ongoing confidence that inflation will continue to ease.

While the major stock exchanges will be closed on Friday, investors can expect fresh data on inflation with the release of February’s PCE gauge, the Fed’s preferred inflation index. It is anticipated to show a monthly increase but is expected to hold steady at a 2.8% yearly rate.

Investors will also have the opportunity to hear from Fed Chairman Jerome Powell on Friday at 11:30 a.m. Eastern. His insights and remarks will likely provide valuable insights into the future direction of monetary policy in the United States. This event comes as investors navigate ongoing economic uncertainties and market volatility, seeking clarity and guidance from key decision-makers like Powell.