The SPDR S&P 500 was trading about 1 percent lower on Friday for a total of an 8.19 percent decline since reaching a new all-time high of $479.98 on Jan. 4. The markets are attempting to price in important economic information that will be coming next week.
On Jan. 26, the Federal Reserve will meet to discuss its plan for monetary tightening, otherwise known as rate hikes, to combat rising inflation. When the Fed releases its minutes and Powell takes the stage at his press conference, traders and investors will be looking for a timetable for when, and how often, the central bank plans to raise interest rates during 2022, with the first hike expected in March.
