The Week Ahead: Will Jobs Momentum Continue?

Jeremy Glaser: It will be a reasonably busy holiday-shortened week for economic data. Friday's jobs report will reveal if labor market momentum continued in May. Wage growth will also be closely eyed. Consumption data on Thursday, along with its underlying inflation gauge, will be another key report.

Other releases include the Case-Shiller home price index, consumer confidence, the second estimate of first-quarter GDP, and the ISM manufacturing gauge.

There are some earnings reports due, too. Wide-moat Salesforce looks undervalued ahead of its earnings. Analyst Rodney Nelson thinks the firm is well positioned to extend its lead in CRM software.

John Brick says that Costco has been bucking the retail trend with accelerating sales and profits but that this good news is more than baked into the share price. The firm reports Thursday.

Stay tuned for our take on these stories.