By Liz Moyer

Investing.com — Snap, a social media app, sent a warning that stocks could fall on Tuesday. It was led by technology shares as investors fear repercussions from a possible recession.

Consumers are choosing how they spend their discretionary money, as retail earnings this season have demonstrated. They aren’t buying televisions and home goods because they are spending on travel. This means they have to spend more on food, fuel, and other essential household items. 

Snap’s warning that macroeconomic conditions were deteriorating more quickly than it expected lit the advertising sector on fire on Tuesday, with a broad array of industry-related stocks falling on the fear that companies will start pulling their ad dollars. 

The April plunge of 17% was also the fourth successive monthly decrease and something that could be seen as a sign of recession.

On Friday the Federal Reserve will provide fresh data regarding consumer spending, income, inflation and other factors. The minutes of the Federal Reserve’s most recent meeting will be released Wednesday. Market watchers will be reading the minutes carefully to glean any extra hints about the policymakers’ thinking heading into next month’s meeting.

These are the three factors that will impact markets tomorrow.

1. Earnings at Nvidia

NVIDIA Corporation, a chipmaker (NASDAQ:), is likely to announce earnings at $1.30 per share on revenue of $8.1 billion. Analysts will also be paying attention to its comments about supply and demand trends.

2. Williams-Sonoma earnings

Housewares and kitchen retailer Williams-Sonoma Inc On revenue of $1.8 million, (NYSE:) will report earnings at $2.88 per share. Analysts will examine the performance of specialty and high-end retailers against the outcomes of discounting and dollar stores.

3. Dick’s Sporting earnings

Yet another retailer, Dick’s Sporting Goods Inc (NYSE:), is expected to report earnings of $2.49 a share on revenue of $2.6 billion.