The July jobs report is due Friday and it will likely confirm what everyone already knows: the U.S. economy is in a lot of trouble. Federal Reserve policy makers meet next week, as well, and lots of second quarter earnings will be released.

For the fourth month in a row the number of jobs added to U.S. payrolls is expected to fall far below the 200,000 figure that briefly became the norm earlier this year. But job creation has slowed considerably since March and that isn't expected to have changed in July.

After a decidedly disappointing June, during which 80,000 jobs were added, economists have lowered their expectations for July, forecasting an additional 90,000 jobs which would keep the unemployment rate steady at 8.2%.

Investors will also be watching for signs the Federal Reserve might be closer to announcing additional stimulus programs. The Federal Open Markets Committee is meeting Tuesday and Wednesday and will release its latest economic forecasts at the end of the meeting.