By Liz Moyer

-- Stocks extended gains as investors absorbed a steady stream of earnings from big companies such as General Motors (NYSE:) and (NYSE:).

But it's not just earnings investors are focusing on. A slew of data, including manufacturing and services activity, is indicating a slowdown in the economy and that's good news for growth stocks, which have been hammered by rising interest rates as the Federal Reserve tries to beat back .

Last week, stocks surged on the hope that the Fed would begin to ease back on its interest rate hikes after its meeting next week, when it is to raise rates another 0.75 percentage point. More data this week would bolster the case for that. Data on new and pending home sales are expected to show another slowdown from the prior month as the housing market cools amid higher mortgage rates. are also expected to fall. And personal income and spending data, which come out Friday along with an inflation reading, are expected to remain the same or inch higher.

Data on new is also due out Thursday for the prior week.

Here are three things that could affect markets tomorrow:

1. Meta earnings

Facebook parent Meta Platforms Inc (NASDAQ:) is expected to report earnings of $1.93 a share on revenue of $27.6 billion, though analysts will be focused on what it says about digital advertising and its ambitions to build the metaverse.

2. Bristol-Myers Squibb earnings

Drug maker Bristol-Myers Squibb Company (NYSE:) is expected to report earnings of $1.82 a share on earnings of $11.1 billion.

3. Boeing earnings

Airplane maker (NYSE:) is expected to report earnings per share of 18 cents on revenue of $18.2 billion. Analysts are hoping to hear more about airplane orders and deliveries as the aviation industry tries to recover from the pandemic lockdowns.