Three before you leave — What to watch for in the market Tuesday, including trade deals and Nike

Barclays' Lewis: Trade war ramifications will be apparent in upcoming earnings

Here are the most important things to know about Tuesday before you hit the door.

1. Recession or not?

We'll get two decent-sized reports on the economy on Tuesday, which will give investors a good idea of whether there's a recession coming or not. A better-than-feared reading on the manufacturing economy on Monday soothed investors recession concerns a bit. More readings in the right direction could put to bed the recession fears that knocked the market last month and finally allow stocks to break out to record highs.

The S&P/Case-Shiller's home price index is up first and then later in the morning, the Conference Board's consumer confidence survey. Economists polled by Dow Jones expect home prices nationally rose 3.1% year-over-year, but that consumer confidence eased a bit this month to 132.7 from 135.1 in August.

2. Nike earnings

The shoe giant will report after the bell Tuesday earnings of 71 cents a share for the last quarter, up 6.9% from a year earlier, according to UBS. The firm said a stronger dollar is weighing down Nike's overseas sales and so the company is likely to keep its full year fiscal 2020 earnings guidance the same.

Nike shares are up 18% this year, but have been in a holding pattern since March.

Nike will need to raise its forecast and cite an increase in sales to really get the share price moving again, claims UBS.

"Without Street EPS estimates increasing, we doubt Nike's near-peak 30x P/E can move much higher," wrote Jay Sole, UBS retail analyst in a recent note.

3. Lots of trade updates

President Donald Trump will address the United Nations General Assembly. While President Xi will not be there, the Chinese delegation will be in the same room with Trump for the first time since tensions heightened last month. There's confusion over the state of the latest talks so traders will be watching the president's tone closely. China's state news agency Xinhua called talks last week "constructive," but the market was spooked when the Chinese delegation cut its trip short and canceled a visit to meet U.S. farmers. Investors are also waiting on trade deals with India and Japan.

Major events (all times ET):

9:00 S&P Case-Shiller Home Price indexes

10:00 Consumer Confidence

Major earnings:

AutoZone (Before the bell)

CarMax (Before the bell)

Nike (After the bell)