The stock market traded range bound for the second consecutive, but this time around, the S&P 500 could not finish at its highs. The S&P 500 lost 0.2% for the week while the Nasdaq 100 lost 1.0%, showing relative weakness due to the biotechnology space.

The markets climbed through the first half of the week as news was light, but stumbled into the weekend as investors focused on global growth concerns. By Wednesday, the World Bank lowered its 2016 global growth forecast to 2.4% from 2.9%, but stocks still climbed despite the warning.

But, by Thursday the markets could avoid the news no more, after the Bank of Korea unexpectedly cut its key interest rate to a record low of 1.25% from 1.50%. In addition to this, China reported a 0.5% month-over-month decline in May CPI (they expected -0.2%).

As for commodities, Crude oil was in focus as it marked an 11-month high ($51.67 per barrel) on Thursday, but was unable to hang on to that momentum, and continued its decline through Friday to end the week at $49.06. Gold was up 2.9% to $1275.70 an ounce and silver also added 5.7% even though the Dollar Index ticked up 0.6% on the week.

To start the new week investors will return to the retail sector, as sales numbers come out Tuesday pre-market. This news serves as a temporary distraction to the Wednesday fireworks that will be the Fed Rate announcement and the FOMC statement. According to the fed funds futures market, the likelihood of a rate hike in June dropped to just 1.9% from 6.0% at the end of last week. By Thursday the focus will move to manufacturing and unemployment claims, followed by housing numbers on Friday.