The June jobs report, set for release Thursday, is expected to end the holiday-shortened week with a bang. Any labor market weakness will be closely watched as it could strengthen the case for an interest rate cut from the Federal Reserve sooner rather than later.

Stocks gain in a holiday-shortened session Thursday after a strong jobs report for June and as the House looks to vote on President Trump's tax-and-spending bill.

The strong jobs report also spurred a spike in Treasury yields and reduced expectations for the Federal Reserve to cut interest rates soon.