What to expect in the week ahead (AMD, PYPL, SBUX, UBER)

It's the peak stretch of second-quarter earnings season, with roughly 150 S&P 500 firms scheduled to report this week. The highlights on the economic calendar will be a pair of purchasing managers' index readings and jobs Friday.

Economic data out this week will include the Institute for Supply Management's Manufacturing Purchasing Managers' Index for July on Monday, followed by the Services PMI on Wednesday. Both measures of activity are seen declining from June.

The Census Bureau reports construction spending statistics for June. Consensus estimate is for a 0.2% monthly rise in total construction outlays, to a seasonally adjusted annual rate of $1.78 trillion.

The Institute for Supply Management releases its Manufacturing Purchasing Managers' Index for July. Economists forecast a 52.2 reading, slightly lower than June's 53, which was the lowest in two years.

The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Expectations are for 11.1 million job openings on the last business day for June, 154,000 fewer than in May.

The ISM releases its Services PMI for July. The consensus call is for a 53.3 reading, two points less than in June. The Services PMI has fallen for three consecutive months and is at its lowest level since May of 2020.

The Bank of England announces its monetary-policy decision. Traders are pricing in a 50% chance that the central bank will raise its key interest rate by a half-percentage point, to 1.75%.

The Department of Labor reports initial jobless claims for the week ending on July 30. The four-week average for claims is 249,250 -- the highest level since late last year.

The Bureau of Labor Statistics releases the jobs report for July. Economists think the economy added 250,000 jobs, after a 372,000 increase in June. The unemployment rate is forecast to remain unchanged near a half-century low of 3.6%.