On Monday, the Dow Jones Industrials (DJINDICES:^DJI) bounced back from a poor performance last week, closing up almost 150 points as investors took comfort in signs that the U.S. economy remains strong in the face of rising challenges elsewhere in the world. Yet as important as macroeconomic conditions are to the stock market, individual stocks have to prove themselves during earnings season; Tuesday morning's quarterly releases from Coca-Cola (NYSE:KO) and Johnson & Johnson (NYSE:JNJ) should give investors two very valuable readings on how some of America's best-known corporations are holding up even as many experts have started predicting a possible correction for the Dow.

Johnson & Johnson has scheduled a conference call for 8:30 a.m. EDT following the release of its earnings report, which could come around 7:45 a.m. EDT if the company follows its practice from previous quarters. Coca-Cola might actually beat Johnson & Johnson to the punch with its quarterly report, with investors likely to get the news at around 7:30 a.m. EDT based on release times from past quarters. Coca-Cola will then follow up with a conference call scheduled to begin at 9:30 a.m. EDT.

Source: Johnson & Johnson.

Johnson & Johnson has posted a strong run of better than expected quarterly results, with the company's pharmaceuticals division leading the way with strong growth prospects. Recent quarters have seen substantial gains both for well-established drugs and its up-and-coming stable of newly approved treatments. Unlike its pharma peers in the Dow Jones Industrials, Johnson & Johnson hasn't faced a monumental patent cliff that has threatened devastating sales declines. Investors would prefer that Johnson & Johnson's medical device and consumer health products businesses improve, but all told, the stock makes a good defensive play in a choppy market.

Meanwhile, Coca-Cola shareholders are bracing for another quarter of declining revenue and earnings, with the beverage giant facing ongoing trends away from carbonated soda toward energy drinks, sports drinks, and tea. After taking heat for its sugary drinks, Coca-Cola more recently has had to deal with studies linking customers who drink its diet beverages with heart-related ailments. The drink maker has made strategic moves aimed at bolstering its noncarbonated business lines, but with so much of its brand identity wrapped up in its namesake products, it'll be hard for Coca-Cola to adapt if the bottom really falls out of the soda market. Coca-Cola also has to prove to investors that the company can overcome economic headwinds abroad, especially in emerging markets where so much of the promise of its 2020 Vision strategic plan lies. Shareholders will be hungry for details on Coca-Cola's new partnership with the maker of the Keurig home-brew machine, especially given the massive investment that the company made to seal the 10-year deal.

Even though Coca-Cola and Johnson & Johnson are in very different industries, they serve the same consumers and rely on many of the same things for their success. If you look closely at their respective earnings reports, Johnson & Johnson and Coca-Cola will offer valuable lessons to take away from their first-quarter results.

Dan Caplinger has no position in any stocks mentioned. The Motley Fool recommends Coca-Cola and Johnson & Johnson. The Motley Fool owns shares of Coca-Cola and Johnson & Johnson and has the following options: long January 2016 $37 calls on Coca-Cola and short January 2016 $37 puts on Coca-Cola. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.