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With more consumer companies preparing to report third-quarter earnings this week, Wall Street will be watching for signs of a bifurcated or "K-shaped" economy as consumers diverge in their spending behaviors.

There have been increasing signals that wealthier Americans are spending more while lower-income Americans are significantly paring back their spending. Lower-income consumers have been hit hardest by rising inflation and escalating prices on essentials, with September's consumer price index report indicating a 0.3% increase on the month, putting the annual inflation rate at 3%.

Shortly after the CPI report was released, the Federal Reserve on Wednesday approved its second straight

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