It wasn't just the slowing Chinese GDP of 6.4% that hurt stocks Tuesday. 

That number was in line with expectations. There's a lot more information out there that wasn't exactly helping U.S. stocks, which saw the Dow Jones Industrial Average fall as much as 450 points

Headwinds

The International Monetary Fund revised downward its global GDP forecast for the full year of 2019 to 3.5% from 3.7%. 

The University of Michigan preliminary Consumer Sentiment Index reported a 7.7% drop in U.S. consumer sentiment against December's results. This comes as consumers are wary about what the government shutdown could do to the economy. Even if the shutdown can't hurt the economy too much on its own, consumer look to be reigning in their spending more than they'd expected to as a result of the shutdown. 

Retail and Consumer Discretionary Analysts at Morgan Stanley said not only is the consumer looking weak against 2018, but retail operating margins could considerably shrink as "we expect ongoing cost inflation, led by wage pressure and greater freight and logistic expenses." 

  • RealMoney's Bret Jensen pointed out that rising loan volumes in tandem with rising interest rates on bank earnings reports provided positive sentiment in the market, but now there are mixed signals on consumer spending. 

IBM 

International Business Machines Corp. (IBM - Get Report) reports quarterly earnings after the closing bell Tuesday. TheStreet will cover the earnings and will tweet out news on the earnings call in the evening.