What else to watch
Apple's high profile earnings miss could sour sentiment Tuesday, after the stock slumped 7.6 percent in afterhours trading. Apple shares have traded lower on the day after earnings, in five of the last six quarters. Apple earnings beat estimates Monday but weaker-than-expected iPhone sales and a forecast of softer-than-expected revenues in the current quarter spooked investors.
Apple reported earnings of $14.50, well above the $14.07 per share expected, and its sales totaled $57.59 billion, above estimates of $57.46 billion. But its 51 million iPhone sales were about four million short of expectations and its current quarter revenues of between $42 billion and $44 billion are below the $46 billion expected.
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Earnings are expected Tuesday from Comcast, DuPont, Ford, American Airlines, Pfizer, Corning, DR Horton, Illinois Tool Works, and AK Steel before the bell. AT&T, Yahoo, VMWare, Amgen, Act Ltd., Electronics Arts, Cirrus Logic and Freescale Semiconductor are among companies reporting after the closing bell.
There is some economic data of note, including durable goods at 8:30 a.m. ET, the S&P/Case-Shiller home price index at 9 a.m., and consumer confidence at 10 a.m. The Treasury auctions 2-year notes at 1 p.m.
President Barack Obama delivers his State of the Union speech Tuesday evening.
Dan Clifton, head of policy research at Strategas, said there are several sectors that could be impacted by the president's comments.
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Clifton said Obama will probably make comments about the energy industry and U.S. energy independence, so sectors like wind energy and natural gas could be mentioned. He could also encourage construction of gas pipelines, which would have prevented the tight market conditions that are currently resulting in spiking natural gas prices.
"The president is probably going to push for a minimum wage. That would be a negative for restaurants and retailers," Clifton said.
Another important topic is trade, and he will likely push Congress for approval for Trade Promotion Authority with Pacific Rim trading partners. "Every S&P 500 company that lobbies in Washington is lobbying on these trade agreements," said Clifton, noting they would open new markets for industrial, tech and other companies.
—By CNBC's Patti Domm. Follow here on Twitter @pattidomm.