Private payrolls showed a big gain in April, led by hospitality and leisure jobs, according to the ADP report. However, the 742,000 new jobs still fell short of Wall Street's expected 800,000.

Factory orders rebounded in March, and business spending on equipment was stronger than initially estimated, signaling continued economic growth.

Jobless claims dropped to below 500k last week, another sign the labor market is reaching pre-pandemic levels. Businesses are now struggling to find enough workers.

A federal judge has struck down the CDC's national eviction moratorium, saying it exceeds the agency's authority. The DOJ has requested a stay and said it plans to appeal the ruling.

Mortgage applications were down slightly for the week, as tight inventory continued to strain the market. Applications were still up 24% over last year's low pandemic-level activity.

Newly built homes now make up 26% of inventory, according to some estimates. The number of existing homes for sale has dropped to historic lows while builders ramp up production.