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It's a quieter week ahead with the Labor Day weekend taking out Monday's trading day and many on Wall Street taking advantage of the few summer days left.
Those investors still on the clock will have little to trade on in the coming days with many showing reluctance to act before the FederalReserve's meeting in two weeks.
"The stock market has been in a narrowing trading range for the last 30 days and I would expect a 'wait and see' attitude until our Fed meeting," Rick Keller, chairman of the board at First Foundation, told TheStreet.
However, markets could see some nervousness following the release of the U.S. jobs report on Friday, with the number of jobs created coming in below forecasts. Despite the weaker report that saw 151,000 jobs added in August vs. expectations of 180,000, some analysts and economists still expect the Fed to lift rates following its Sept. 20-21 meeting.
The Fed's insights will continue to be on watch in the new week with a few members set to speak. Scheduled speeches include San Francisco Fed President John Williams discussing the economic outlook in Reno, Nev., on Tuesday evening, and Boston Fed President Eric Rosengren issuing his forecast in Quincy, Mass., on Friday morning.
Fed members have taken a hawkish tone in recent weeks, prime among them Fed Chair Janet Yellen. The U.S. economy has improved in recent months to the point where near-crises levels of rates aren't justified, Yellen said in her widely anticipated speech at the Economic Policy Symposium in Jackson Hole, Wyo. just over a week ago.
The Beige Book, out Wednesday afternoon, will present an anecdotal read on how the 12 Fed districts are faring over a six-week period. The last Beige Book, released in the middle of July, characterized economic growth in the 12 districts as modest.
"I really believe the Federal Reserve's low interest rate policy has done as much as it can to further economic stimulus. It needs to come from Congress and our president, implementing strategies directed at employment gains such as construction and not regulatory overhead burdens placed on business," added Keller.
The services sector will be in the spotlight in the coming week with the PMI Services Index and the ISM Non-Manufacturing Index for August out on Tuesday morning. Also on the economic calendar, the Job Openings and Labor Turnover Survey for July will be released on Wednesday.
The second-quarter earnings season is coming to an end with just a few companies of note left to report. The second quarter was the fifth straight quarter of earnings contraction, though many believe the recession has hit a plateau.
On the earnings calendar in the coming week, Dave & Busters (PLAY) - Get Report and Marvell Technology (MRVL) - Get Report will report on Tuesday; HD Supply Holdings (HDS) - Get Report , Verint Systems (VRNT) - Get Report , Hewlett Packard Enterprise (HPE) - Get Report and Fuelcell Energy (FCEL) - Get Report on Wednesday; Barnes & Noble (BKS) - Get Report and Restoration Hardware (RH) - Get Report on Thursday; and Kroger (KR) - Get Report on Friday.