US financial markets and banks closed on Friday for the Independence Day holiday, halting trading on the New York Stock Exchange and Nasdaq as Americans marked the nation's 250th anniversary. The closure followed a shortened trading session, with markets resuming Monday, July 6.

The holiday arrived as grocery costs weighed on consumers. Beef prices remained near record highs heading into the peak grilling weekend, driven by tight cattle supplies, drought-reduced herds, and elevated feed costs, according to the US Department of Agriculture.

The American Farm Bureau Federation, which tracks the cost of a summer cookout annually, said protein prices were the main driver of higher bills for households hosting Independence Day gatherings. Retailers including Walmart and Kroger promoted holiday discounts on burgers and hot dogs to draw price-sensitive shoppers ahead of the weekend.

The squeeze on grocery budgets underscored persistent food inflation even as broader price growth has cooled toward the Federal Reserve's 2% target. Economists at the USDA's Economic Research Service said cattle herd rebuilding would take time, suggesting beef prices could remain elevated through the rest of 2026.

Monday's market reopening will bring fresh economic data and renewed focus on the Federal Reserve's policy outlook following recent signs of a cooling labour market.