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Bond market volatility could rein in stocks

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Pros' Monday bond trade

Bond market volatility could keep stocks in check in the coming week, as investors watch for more proof of momentum in the U.S. economy after May's strong jobs report.

The most important economic report is likely to be Thursday's report of May retails sales, expected to rise 1.1 percent after a flat performance in April. The 280,000 nonfarm payrolls created in May reaffirmed for an increasingly skeptical market that the Fed could move to hike rates this year and do it as early as September.

Read More Strong jobs report says rate hikes are coming

"What we're looking for is to be assured that this isn't a blip," said Tobias Levkovich, chief U.S. equity strategist at Citigroup. "I don't think it is. A lot of the leading data has been doing well—hiring intentions data, the data around capital spending intentions. All that stuff is relatively fine."