The Lord's Day
Most Reformed churches are Sabbatarian in that they teach that the fourth commandment requires keeping one day in seven holy, very similar to its Old Testament observance, except that the day of rest is the first day instead of the seventh. Calvin made it clear in his Institutes of the Christian Religion that he was not Sabbatarian: he said that the fourth commandment no longer requires keeping observing one day in seven, but that Christians obey it by setting aside time for worship and by giving their servants adequate time for rest (book 2, chapter 8). He taught that the Christian observance of the first day, called the Lord's Day, was freely established by the apostles for the sake of keeping external order, not as a religious obligation mandated by Christ's resurrection on that day [Commentary on 1 Cor. 16]. He did not see the Lord's Day as a Christian Sabbath, as it was later called in the Presbyterian tradition. Rather, on the basis of such passages as Col. 2:16-17, he believed the Sabbath found its fulfillment in Christ. Some of Calvin's other works appear to contradict this view, leading to different opinions on Calvin's beliefs, but Richard Gaffin interpreted those other works in light of the view the Institutes seems to express.
He also critiqued that view from a redemptive-historical perspective in his Calvin and the Sabbath. He argued that since the Sabbath as a creation ordinance looked forward to the general resurrection of the body, it has not yet been fulfilled and is binding on believers today. Does that view adequately account for the fact that the general bodily resurrection has already begun in that Jesus was the first of God's people to rise from the dead? An Orthodox Presbyterian elder who took a minority position intermediate to those of Calvin and Gaffin would have answered that negatively. As G. Vos said, "That the resurrection is something specifically eschatological needs no pointing out. Nor is it necessary to show that Paul regards the resurrection of Jesus as the actual beginning of this general epochal event. Christ through his resurrection is the firstfruits of them that sleep, 1 Cor. xv. 20" (The Pauline Eschatology, 1930). "But in fact Christ has been raised from the dead, the firstfruits of those who have fallen asleep" (1 Cor 15:20, ESV).
Martin Luther found that Paul unambiguously opposed Sabbatarianism:
And Peter (Acts 15[:10–11]), “Now therefore why do you make trial of God by putting a yoke upon the neck of the disciples which neither our fathers nor we have been able to bear? But we believe that we shall be saved through the grace of the Lord Jesus, just as they will.” With this saying (as Paul with his) Peter abrogates for the Christian the whole of Moses with all his laws.
Yes, you say, that is perhaps true with respect to the ceremonial and the judicial law, that is, what Moses teaches about the external order of worship or of government. But the decalogue, that is, the Ten Commandments, are not abrogated. There is nothing of ceremonial and judicial law in them. I answer: I know very well that this is an old and common distinction, but it is not an intelligent one. For out of the Ten Commandments flow and depend all the other commandments and the whole of Moses.
Because he would be God alone and have no other gods, etc., he has instituted so many different ceremonies or acts of worship. Through these he has interpreted the first commandment and taught how it is to be kept. To promote obedience to parents, and unwilling to tolerate adultery, murder, stealing, or false witness, he has given the judicial law or external government so that such commandments will be understood and carried out.
Thus it is not true that there is no ceremonial or judicial law in the Ten Commandments. Such laws are in the decalogue, depend on it, and belong there. And to indicate this God himself has expressly introduced two ceremonial laws, namely, concerning images and the sabbath. We can show that these two parts are ceremonial laws which are also each in its way abrogated in the New Testament, so that one may see how Dr. Karlstadt deals about as wisely in his book with the sabbath as with images. For St. Paul (Col. 2[:16–17]), speaks frankly and clearly, “Therefore let no one pass judgment on you in questions of food and drink or with regard to a festival or a new moon or a sabbath. These are only a shadow of what is to come.” Here Paul expressly abrogates the sabbath and calls it a shadow now past since the body, which is Christ himself, is come.
[Luther, M. (1999, c1958). Vol. 40: Luther's works, vol. 40 : Church and Ministry II (J. J. Pelikan, H. C. Oswald & H. T. Lehmann, Ed.). Luther's Works (Vol. 40, Page 92-93). Philadelphia: Fortress Press.]