In the week ahead, investors will have a close eye on mega-cap tech earnings from Tesla and Alphabet, the June Core PCE index, and the Q2 GDP print.
Investors betting on a second Trump presidency expect an easier regulatory environment and more corporate M&A activity.
UBS increased its Nvidia price target on Monday to $150 per share due to strong demand trends and a reasonable valuation.
"To us, the message is the labor market is slowing," Fundstrat's Tom Lee said of the June jobs report.
The June jobs "should have Fed officials troubled that the desired cooling in the economy could transition into a frigid summer," LPL said.
Fed President Mary Daly said that the US labor market is showing signs of an inflection point that could ultimately weaken in a big way.
Investors are closely monitoring new economic data, as murmurs grow of a potential interest rate cut in July.
Shares of Microsoft, Apple, and Broadcom all surged between 1.5% and 5% on Tuesday while Nvidia, Amazon, and Alphabet were also higher.
Goldman Sachs boosted its year-end S&P 500 price target to 5,600, while Evercore ISI raised its target to a street-high 6,000.
Outgoing Fed President Loretta Mester told CNBC on Friday that recent disinflation data supports the case for interest rate cuts.
The S&P 500 closed above 5,400 for the first time as traders took in upbeat inflation data and messaging from the Fed after its latest policy meeting.
Inflation remained flat for the month of May and rose just 3.3% from last year, cooler than what economists expected.
Stocks rose ahead of the Fed's two-day policy meeting. Apple slipped 2% as the company unveiled its AI road map at its developer conference.
"The FOMC's quarterly Summary of Economic Projections will be watched closely for insight into the Fed's thinking on future moves in Fed Funds."
US stocks finished the week more than 1% higher despite Friday's slight decline following a mixed May jobs report.
A nine basis point decline in the 10-year Treasury yield was not enough to boost all three major stock market indexes on Monday.
Nvidia soared a day after reporting earnings, but the rest of the market flailed as new data reinforced fears of interest rates staying high.
A 4% decline in JPMorgan stock weighed on the Dow, while a nearly 3% gain in Nvidia helped power the Nasdaq 100 higher.
On the economic front, investors will hear from nine Federal Reserve officials on Monday and Tuesday.