Equities retreated on Tuesday on fears the FOMC will get even more aggressive with policy change and interest rate hikes. The move came just a day before the minutes from the latest FOMC are due to be released and may foreshadow what's to come. With inflation rising at the fastest pace in decades the Fed is being forced into actions that may stall the economy. The S&P 500 fell more than 1.25% at the low of the day, led by a 2.0% decline in the interest rate heavy NASDAQ Composite.

Earnings are also coming into focus with JPMorgan Chase set to release its calendar Q1 report next week. The big banks are expected to post sequential increases in revenue and the impacts of rising costs. Banks are positioned to benefit from rising interest rates but the impacts of inflation are offsetting the outlook. Higher rates will help profitability but a stalled economy will cut into the top and bottom lines.