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Today is going to be a busy day for the US markets

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Start of the day will give the 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.

Let's get back with the earnings. As of Monday morning, 76 S&P 500 companies reported and 70 percent had beat earnings estimates. Earnings are also expected from Lockheed Martin, DuPont, Coach, Danaher, Freeport-McMoRan, Siemens, Corning, Janus and AK Steel, ahead of the open. AT&T, Stryker, VMWare, Capital One, Ethan Allen, U.S. Steel and Canadian National Railway report after the close.

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.

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