By Liz Moyer

The Investing.com — Monday’s stock market wobble was due to key economic data reports and fears of a recession, despite Federal Reserve efforts to curb inflation.

On Tuesday, retail sales will come out. Analysts will look for indicators that the spending has increased and not because of higher prices. Two-thirds (or more) of GDP is spent on goods and services. The Fed raises interest rates to determine the economic health. At its next meeting, it is likely to keep raising its benchmark rate by half-points.

Investors will begin to receive quarterly earnings reports from the retail sector beginning Tuesday, starting with Walmart. Home Depot . Target (NYSE:) will be following later in this week, and then the department stores.

Rising fuel and food prices have caused consumers to be concerned. This could lead to lower spending or a recession. There are already signs consumers may be making compromises about how they spend their money on goods such as household items and on services like dining out or travel.

Janet Yellen, Treasury Secretary, is visiting Europe for the Group of Seven meetings which began Wednesday. However she already has a promise to issue an action plan regarding global food supply. Since Russia invaded Ukraine in March, food prices have risen. Wheat rose 6% Monday to the highest point in 2 months. The fear of food insecurity in the developing world will increase if there is a long-term conflict in Ukraine which, as a breadbasket for much of the globe, becomes a source of tension and instability. India also said it won’t export wheat due to rising wheat prices in India and the hot weather.

These are the three factors that will impact markets tomorrow.

1. Retail sales

When it is released at 8:30 ET Tuesday, April 13, the report will be a big hit. Investing.com analysts expect that the month-over-month number will rise 0.9%.

2. Earnings at Walmart

Analysts are looking for EPS at $1.47 for $138.8 million in revenue, and Walmart Inc (NYSE:), the largest discount retailer Walmart Inc, leads earnings reports.

3. Earnings at Home Depot

Home Depot Inc. (NYSE:) expects to announce EPS of $3.68 on revenues of $36.6 million. Home Depot is also an indicator of the health of home-building markets.