What to expect in the week ahead (ON, BABA, ROKU, UBER)

Concerns about inflation plagued the market, however, a key inflation indicator showed lesser-than-feared price pressures on Friday. The core personal consumption expenditures price index rose 3.5% in June year-over-year. It marked a sharp acceleration in inflation, but came in slightly below a Dow Jones forecast of a 3.6% jump.
Here's a look at the returns of S&P 500 sectors.

Of the 59% of S&P 500 companies that have reported for the second quarter, 88% have beaten consensus earnings expectations, according to FactSet.

Friday's jobs report could be a catalyst that helps determine whether markets are volatile or will trade like it's the quiet dog days of August.

Ironsides Macroeconomics director of research Barry Knapp said he expects the next two monthly jobs reports will be strong, and the Fed should then be ready to announce in September that it is ready to start the slow unwind of its bond purchasing program.

The Institute for Supply Management releases its Manufacturing Purchasing Managers' Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.

The Census Bureau reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.

The Census Bureau is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.

The Bureau of Economic Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.

The ISM releases its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June's 60.1.

ADP releases its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.

Thursday 8/5

The BLS releases the jobs reportfor July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.