Apple's pile of cash; Health care earnings; Infosys hiring spree

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1. Apple earnings: Tech behemoth Apple will report its quarterly results after the closing bell Tuesday.

Investors will be focused on iPhone sales data, while fans will be looking for details on the next version of the phone and hints on new products.

One key question will be the size of Apple's growing pile of cash. Apple (AAPL, Tech30) is likely to report more than $250 billion in cash and investments on its balance sheet for the first time ever.

2. Infosys hiring spree: Indian outsourcing giant Infosys (INFY) announced Tuesday that it will hire 10,000 local workers in the U.S. over the next two years.

The announcement follows President Trump's threats to crack down on the H-1B visa program that allows skilled foreigners to work in the U.S.

Infosys is one of the biggest recipients of H-1B visas. Its U.S. clients include IBM (IBM, Tech30) and Lockheed Martin (LMT).

3. Spotlight on health care: Health care will also be a focus on Tuesday, with Aetna (AET), CVS Health (CVS) and drug giants Merck (MRK) and Pfizer (PFE) all reporting.

Investors will be looking for any comments on the future of Obamacare. Congress is currently considering a bill that would repeal and replace the law.

4. Global market overview: U.S. stock futures were flat on Tuesday.

European markets opened mostly higher, while Asian markets finished the trading session mixed.

The Dow Jones industrial average closed 0.1% down on Monday, while the S&P 500 added 0.2% and the Nasdaq advanced 0.7%.

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5. Earnings and economics: ConocoPhillips (COP), Coach (COH), Hilton (HLT) and MasterCard (MA) are set to release earnings before the open Tuesday, while Denny's (DENN) and Papa John's (PZZA) plan to release earnings after the close.

The Federal Open Market Committee begins its two-day meeting on Tuesday. The group will make a decision on interest rates on Wednesday.

Investors are widely expecting the Fed to keep rates on hold, but will watch for any hints on how many interest rates hikes the central bankers expect this year.

The U.S. Commerce Department is set to release its auto sales report for April at 2 p.m. ET.

Chinese manufacturing data released Tuesday was weaker than expected, pointing to a slowdown in the sector.

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6. Coming this week:

Tuesday -- U.S. Federal Reserve begins two-day meeting; Apple (AAPL, Tech30), Aetna (AET), BP (BP), MasterCard (MA) earnings
Wednesday -- Fed rates decision; Facebook (FB, Tech30), Tesla (TSLA), Fitbit (FIT) earnings, U.S. crude inventories data
Thursday -- CBS (CBS) earnings, U.S. trade balance data
Friday -- U.S. jobs report for April
Saturday -- Berkshire Hathaway annual shareholder meeting

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