Equities resumed their decline on Tuesday after results from Snap and the New Home Sales data amplified fears of a recession. Snap, a fast-growing social media company, shocked the market with its results and weak outlook while the New Home Sales shows a sharp contraction in housing activity. The contraction in housing activity is directly related to skyrocketing prices and rising interest rates that have many would-be homeowners sitting on the sidelines if not already priced out of the market. If this month's data turns into a trend it could mean a recession is already happening.

Today's big news will be the FOMC minutes. The minutes are expected to shed light on the Fed's stance on inflation and it is hawkish. Inflation is rising at record rates and the Fed's job is taming it. The next data comes out on Friday and may put added pressure on the Fed. If, however, the PCE shows signs of peaking or receding the equity market will probably rally in response.