Coming Week: All About Consumers

"Wal-Mart caters to the lower- and middle-income classes of people, and that's the bulk of Americans out there," Hurley says. Since consumers make up about two-thirds of economic activity in the U.S., any insight into their activity is useful for the markets.

Other retailers issuing results this week include J.C. Penney(JCP Quote) and Zale(ZLC Quote) on Thursday.

Another look at the consumer may come from Whole Foods'(WFMI Quote) announcement Tuesday and Safeway's(SWY Quote) report Thursday, which could show whether Americans are skimping on higher-end grocery items.

Dow component Hewlett-Packard(HPQ Quote) also announces its earnings on Tuesday, which could shed some light on how the technology industry is faring as U.S. growth slows down.

Barrick Gold(ABX Quote) and Newmont Mining(NEM Quote) come out with results on Thursday, which are likely to interest investors given gold's recent record-high prices. The utility sector will see some activity, with Chesapeake Energy(CHK Quote) Thursday and PG&E(PCG Quote) on Friday.

In addition, investors will get a good look at the health of the gaming sector this week. On Tuesday, Trump Entertainment(TRMP Quote) reports, Ameristar Casinos(ASCA Quote) and Monarch Casino & Resort(MCRI Quote) announce Wednesday and MGM Mirage(MGM Quote) follows on Thursday.

The U.S. stock market will be closed on Monday for the President's Day holiday.