Investors will focus on a key labor market report next week, as inflation and potential rate hikes threaten the US stock rally.
Broadcom's results also test the AI trade. The S&P 500 is up over 10% this year.
Tech stocks lead the market on AI-driven profit outlooks, recovering from March's correction.
Hopes for an end to the Iran war have supported markets, but risks remain as the conflict continues.
The June 5 employment report arrives amid inflation fears. The PCE price index rose 3.8% in April, the highest since May 2023.
May payrolls are expected to show 4.3% unemployment and 96,000 job gains. A gain above 150,000 could fuel overheating fears.
Broadcom reports on Wednesday. The Philadelphia SE Semiconductor Index has surged 80% since March 30.
Fed Chair Kevin Warsh's first meeting is June 16-17. Rate hike odds exceed cut odds.
