Consumer confidence hit a 16-month high in June and was also revised upward for May, as the growing labor market and reopening economy offset inflation concerns.

Companies hired nearly a million new workers in May, according to ADP. This was the largest gain since last June, led by 440,000 new hires in leisure and hospitality.

Jobless claims hit 364,000 last week, reaching a new pandemic-era low. The drop was more than expected, consistent with companies' efforts to meet growing demand.

The FHFA reported a monthly home price increase of 1.8% and year-over-year growth of 15.7% for April. Both figures broke previous records.

May pending home sales rose to the highest level since 2005. The increase could signal some relief from the inventory shortage that has driven prices to record highs.

Mortgage applications fell last week to levels not seen in more than a year. Purchase applications dropped 6.9% and refi applications were down 8% from the previous week.