Week Ahead: Jobs Report, ISM Services and AMD Earnings Drive the Tape

Markets enter the week of August 3 still searching for firm footing after a volatile stretch.

The focus shifts from Big Tech results to the labor market, services inflation, and another heavy batch of earnings that could determine whether the AI trade broadens or narrows.

The main macroeconomic event is Friday’s July employment report. Economists surveyed by Reuters expect nonfarm payrolls to rise by 91,000, with the unemployment rate ticking to 4.3%. After last week’s Fed meeting, the jobs number matters even more because investors are trying to determine whether Chair Kevin Warsh’s Fed is closer to another hike or simply holding a restrictive policy stance. Here's what the data might indicate:

• A stronger payrolls report, especially with firm wages, could increase September hike odds and pressure growth stocks.
• A softer-but-not-weak report could support bonds and equities.
• A sharp miss could revive growth-scare concerns.

The rest of the economic calendar is also important. Monday brings construction spending and ISM Manufacturing. Tuesday includes the trade balance, JOLTS job openings, and factory orders. Wednesday features ADP private payrolls and ISM Services, which may be the week’s most important inflation read outside payrolls because services prices remain central to the Fed’s inflation concerns. Thursday brings initial jobless claims, preliminary productivity and unit labor costs, and wholesale inventories.

The Fed calendar is lighter than last week’s FOMC meeting, but not empty. The Senior Loan Officer Opinion Survey is due Monday afternoon, giving investors another look at bank lending standards, credit demand, and whether tighter policy is beginning to bite more visibly. Governor Lisa Cook is also scheduled to speak Wednesday on the economic outlook.

Earnings remain a major catalyst. Reuters notes that more than one-quarter of the S&P 500 is scheduled to report, including Eli Lilly (LLY), Advanced Micro Devices (AMD), Palantir (PLTR), Caterpillar (CAT), and Merck (MRK). AMD will be especially important for the semiconductor and AI infrastructure trade after recent volatility in chip, memory, storage, and optical networking names. Palantir will test software sentiment, while Lilly and Merck will help determine whether healthcare can continue attracting defensive and growth capital. Caterpillar will be a key industrial read on construction, mining, energy infrastructure, and data-center-linked power demand.

SpaceX (SPCX) also reports its first quarterly results since going public; any disappointment could reinforce concerns that newer growth-company equity listings remain vulnerable to higher rates. See Friday's Final Takeaways: GM Accelerates AI Push, NY Sues Kalshi & SPCX Moon Course

Globally, investors will continue monitoring oil, Iran headlines, the dollar, and global yields for spillover into U.S. rates and risk appetite.

Economic Events/Data (ET), Week of August 3 – 7, 2026

Monday 8/3

• 09:45 AM: S&P Global Manufacturing PMI, Final (Jul)

• 10:00 AM: ISM Manufacturing PMI (Jul)

• 10:00 AM: Construction Spending (MoM) (Jun)• 02:00 PM: Senior Loan Officer Opinion Survey on Bank Lending Practices

Tuesday 8/4

• 08:30 AM: U.S. Trade Balance (Jun)

• 10:00 AM: JOLTS Job Openings (Jun)

• 10:00 AM: Factory Orders (MoM) (Jun)

Wednesday 8/5

• 08:15 AM: ADP Nonfarm Employment Change (Jul)

• 09:45 AM: S&P Global Services PMI, Final (Jul)

• 10:00 AM: ISM Services PMI (Jul)

Thursday 8/6

• 08:30 AM: Initial Jobless Claims (Weekly)

• 08:30 AM: Nonfarm Productivity, Preliminary (QoQ) (Q2)

• 08:30 AM: Unit Labor Costs, Preliminary (QoQ) (Q2)

• 10:00 AM: Wholesale Inventories and Sales (MoM) (Jun)

Friday 8/7

• 08:30 AM: Jobs report (Jul)

• 03:00 PM: Consumer Credit (Jun)

Earnings Calendar, Week of August 3 – 7, 2026

Monday 8/3

Premarket: Tyson Foods, Inc. (TSN), Marriott International, Inc. (MAR), CNA Financial Corporation (CNA), EchoStar (ECHO)

Postmarket: Palantir Technologies Inc. (PLTR), ON Semiconductor (ON), Snap Inc. (SNAP), Vertex Pharmaceuticals Incorporated (VRTX), Clorox Company (CLX), ONEOK, Inc. (OKE), Diamondback (FANG), SBA Communications Corporation (SBAC)

Tuesday 8/4

Premarket: Caterpillar Inc. (CAT), McDonald's Corporation (MCD), Pfizer Inc. (PFE), Merck & Co (MRK), BP ADR(BP), Transdigm (TDG), WW Grainger (GWW), Spotify Tech (SPOT), Cummins (CMI), Archer-Daniels-Midland Company (ADM), Kimberly-Clark Corporation (KMB)

Postmarket: Advanced Micro Devices, Inc. (AMD), SpaceX Corporation (SPCX), Booking Holdings Inc. (BKNG), Arista Networks, Inc. (ANET), Pinterest, Inc. (PINS), Amgen Inc. (AMGN), Gilead (GILD), Toast, Inc. (TOST), Suncor Energy (SU), Devon Energy Corporation (DVN), Astera Labs, Inc. (ALAB), DigitalOcean Holdings (DOCN), Ball Corporation (BALL)

Wednesday 8/5

Premarket: Eli Lilly and Company (LLY), The Walt Disney Company (DIS), Uber Technologies, Inc. (UBER), Shopify Inc. (SHOP)

Postmarket: DoorDash, Inc. (DASH), Block, Inc. (XYZ), MercadoLibre, Inc. (MELI), CF Industries Holdings, Inc. (CF), Exelixis, Inc. (EXEL), 

Thursday 8/6

Premarket: ConocoPhillips (COP), Datadog, Inc. (DDOG), Warner Bros. Discovery, Inc. (WBD), NRG Energy, Inc. (NRG), Parker-Hannifin Corporation (PH), Fox Corporation (FOX)

Postmarket: Airbnb, Inc. (ABNB), DraftKings Inc. (DKNG), Twilio Inc. (TWLO), American International Group, Inc. (AIG), Akamai Technologies, Inc. (AKAM), Applied Optoelectronics, Inc. (AAOI), Monster Beverage Corporation (MNST)

Friday 8/7

Premarket: Take-Two Interactive Software, Inc. (TTWO), Vistra Corp. (VST), Under Armour, Inc. (UAA), Oklo Inc. (OKLO), Wendy’s Company (WEN), Plains All American Pipeline, L.P. (PAA)

Postmarket: N/A

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