Alphabet earnings reaction, housing data: 3 things to watch in Tuesday's markets

2. More & more earnings

Continuing the busiest week of earnings season, Tuesday brings quarterly results from General Motors, Mastercard, Kellogg, Merck and Pfizer. Better-than-expected earnings this quarter, among other things, rallied the S&P 500 to a record high on Monday. But investors will be watching for fourth quarter earnings forecasts, as 60% of the companies that have reported so far have lowered their Q4 estimates, according to The Earnings Scout.

Toy-maker Mattel, Amgen, Mondelez and video game company Electronic Arts also report earnings on Tuesday.We'll get a bunch of housing data on Tuesday which should shed light on whether the housing market is heating back up. The S&P CoreLogic Case-Shiller U.S. National Home Price Index is expected to rise 2% annually in August, according to Dow Jones, the same as last month. Pending home sales for September are estimated to rise 0.7%, rebounding from August's drop of 1.6%.

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