If earnings are going to turn the tide for stocks, this may be the week and Tuesday could be the day — and Apple could be the stock.
Tuesday morning is busy with blue chip earnings, like Procter & Gamble, Johnson & Johnson and 3M, but it's Apple's after-the-bell report that might matter most. Apple is expected have earned $3.23 per share in its fiscal first quarter on revenue of $76.6 billion.
The Fed also begins its two-day meeting Tuesday, and while it is not expected to take any action on rates, traders are hopeful it will make some reassuring comments about market volatility and offer some guidance on rate hikes. The central bank has forecast four rate increases for this year, while the market is expecting one. The Fed is scheduled to release its post-meeting statement Wednesday at 2 p.m. ET.