Caution returned to the stock market ahead of the long Memorial Day weekend, with bond markets set to close early on Friday. Stocks have recovered from peak tariff turmoil in April, but the impact of tariffs and the proposed Republican tax bill remain open questions.

Traders have a long weekend ahead of them as markets close for Memorial Day. Bond trading will wrap up at 2 p.m. ET on Friday and stay at a standstill during the holiday, which falls on Monday. The U.S. stock market will also be closed Monday.