E-mini S&P 500 futures opened higher above 6,900 but reversed sharply to close near 6,820, down over 1% for the day and the week. The move marked the lowest close since before Thanksgiving, despite the recent Federal Reserve rate cut. Volatility spiked inversely to the decline as the market looked ahead to a week of "catch up" data, including postponed Nonfarm Payrolls, CPI, and Retail Sales, alongside Federal Express earnings and Fed commentary.