The U.S. stock market declined on Wednesday after disappointing forecasts from major retailer Target (NYSE:TGT) cooled the sector.

Target is struggling with rising prices that are forcing customers to compromise when buying merchandise. The company is also having to mark down merchandise to get rid of excess inventory. In the most recent quarter, the company’s profits were cut in half.

Whether this is a sign of a trend or an outlier will become clear on Thursday when a number of other retailers, including Macy’s and Kohl’s, report earnings. Analysts will be awaiting their forecasts for holiday sales. Traditionally, the biggest shopping season officially kicks off with Black Friday in a little more than a week.

Last month’s retail sales data released Wednesday was stronger than expected, indicating that consumers continue to remain resilient even in the face of rising prices. Investors are hopeful that the Federal Reserve will begin to moderate its sharp interest rate hike at its meeting next month. Jobless claims data due out Thursday could influence the Fed’s decision.

Lowe’s (NYSE:LOW), the home improvement store chain, reported unexpectedly strong results and raised its full-year outlook, proving that not all retailers are failing. However, Lowe’s results contrast with the performance of the related housing sector, which has stagnated. More data on this issue will also be released on Thursday and Friday.

Here are 3 events that could impact the market on Thursday:

1. Housing data

New US housing data for October is due out at 08:30 Eastern Time (13:30 GMT). Housing starts data is expected to show 1.4 million, down slightly from the previous month. Building permits are expected to be around 1.5 million, which is also a slight decline.

2. Alibaba’s revenue

Chinese e-commerce giant Alibaba Group Holdings (NYSE:BABA) is expected to report earnings per share of $11.74 on revenue of $208.5 billion.

3. Retail sector earnings

Another series of earnings reports from retailers are expected. Macy’s Inc (NYSE:M) is expected to report earnings per share of 18 cents on revenue of $5.2 billion. Kohl’s Corp (NYSE:KSS) is expected to report earnings per share of 63 cents on revenue of $4.1 billion.