Wall Street plunged Wednesday morning following weak earnings reports by discount retailer Investing.com Target The broad selling of the stock sparked widespread panic across all markets.

Investors worry that inflation-stricken consumers in America could cut back on spending and cause an economic slowdown.

More retail earnings come out in the next few days, starting with Kohl’s and BJ’s Wholesale on Thursday. After Target Corporation (NYSE) stated that rising costs had impacted its profits by more than anticipated, most retail stocks fell sharply Wednesday.

However, even staples like Campbell Soup Company (NYSE:) and Procter & Gamble Company (NYSE:) are getting hammered in the market rout, and it remains to be seen if investors will scoop up some of these downtrodden stocks once the dust settles.

After two years of the pandemic, money that was set aside to buy clothing or household goods such as TVs and televisions has been used to purchase higher fuel and food prices. People are now spending their savings on activities and experiences beyond the home. 

The inflation hitting households’ pockets is also an issue due to high oil prices. Although oil prices were at $109 per barrel in the last month, gasoline prices have risen to $4 per gallon across all 50 states. This is just in time to make summer road trips.

These are the three factors that will impact markets tomorrow.

1. Earnings at Applied Materials

According to Investing.com, Applied Materials Inc. (NASDAQ:), a company that makes chip-maker equipment, will post earnings of $1.90 per ounce on $6.35 billion in revenue. 

2. Kohl’s outlook

Kohl’s Corp (NYSE 🙂 expects to post earnings of 67c per share for revenue of $3.7billion. However, analysts will compare it with Target (NYSE 🙂 and Walmart (NYSE :). They’ll also be listening to guidance about costs and supply chain.

3. Earnings from warehouse stores

BJs Wholesale Club Holdings Inc (NYSE:) Warehouse club will report 70c/share earnings on $4.2 million in revenue. Analysts will also be paying attention to the statements of executives about consumer spending trends.