This week in the markets we've seen some negative pressure with the S&P 500 closing at 3825.33, down 2.64%. Moving on to the energy markets, crude oil up and down a little bit most mostly for the weak not a lot of momentum one way or the other, it closed slightly up $108.30 per barrel next interest rates. And my favorite indicator, the 10-year treasury, cracked below 3%, closed down for the week at 2.894%.
Moving on to our expectations for next week, obviously Monday is a holiday, Happy fourth of July, there won't be anything going on, the markets will be closed. We do have several events happening mid end of week that's probably going to cause lots of volatility Wednesday 2 pm fomc minutes will be released Thursday, and Friday we have some Fed presidents speaking, specifically Thursday James Bullard the hawkish of hawks he'll be doing a presentation we'll be listening closely seeing what he says he's been very right all through 2021 leading to 2022.
But there is some light at the end of the tunnel again crude oil prices have been trending down. Inventories have been increasing. These are deflationary events these are deflationary pressures this is what we need for some stabilization in the market the market looks like it's already priced in a recession. We may very well be in a recession right now. The market is forward-looking. It prices things in before we even know that they happen so we'll be watching closely. We'll see what happens. Stay tuned for next week's market recap.