The S&P 500 (^GSPC) is now roughly 2% from reaching a fresh all-time high.

Stocks ended last week on a high note as a broad-based rally following Friday's May jobs report clinched weekly gains for all three major indexes.

The Nasdaq Composite (^IXIC) rose more than 2.3%, while the S&P 500 popped about 1.6% and the Dow Jones Industrial Average (^DJI) rose above 1%.

Updates on consumer and wholesale inflation for the month of May will headline this week. The first reading of the University of Michigan's consumer sentiment survey for the month is also due for release at the end of the week.

Tariffs and trade agreements remain in sharp focus this week as the US and China resume talks in London on Monday. Markets are hoping the talks will bring clarity and help ease tensions.

In corporate news, earnings from GameStop (GME), Oracle (ORCL), and Adobe (ADBE) highlight a sparse week of planned quarterly releases. Apple's (AAPL) Worldwide Developers Conference will also be in focus.

On Friday, the May jobs report showed the US labor market added 139,000 jobs in the month, while the unemployment rate held flat at 4.2%. The data largely cooled fears that the US economy is rapidly deteriorating. Economists mostly said the report would prompt the Federal Reserve to hold interest rates steady when it announces its next policy decision on June 18.

Still, some economists continue to highlight cracks emerging underneath the surface. Renaissance Macro head of economics Neil Dutta noted that Friday's report contained significant downward revisions to the prior month's payroll additions, a falling employment rate for workers aged 25 to 54, and an increasing unemployment rate on the margin.

Unrounded, the unemployment rate increased to 4.244% in May from 4.187% in April.

"The Fed and the markets appear to be looking at labor market conditions at a surface level while ignoring some obvious signs of weakness under the surface," Dutta wrote. "The pressure will keep building the longer the Fed waits."

The CEO of one of the world's largest companies and President Trump are full-on feuding.

After days of Tesla (TSLA) CEO Elon Musk bashing Trump’s tax bill, the president responded in scathing fashion on Thursday.

Trump wrote in a Truth Social post that the easiest way to save money in the budget is to "terminate Elon’s Governmental Subsidies and Contracts."

He added in a separate post, "Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!”