For the last four quarters Apple has been the biggest positive contributor to tech's bottom line. If Apple reports earnings in line or above Wall Street's estimate Tuesday, it would mark the fifth consecutive quarter. Analysts tracked by FactSet anticipate the tech giant to report quarterly profit of $1.87, 32% above year-ago earnings per share of $1.42. Wall Street expects sales of 48 million to 49 million iPhones, which would greatly top last year’s shipment of 39 million iPhone 6 models in its first quarter.

An elevated U.S. dollar, depressed oil prices and sluggish demand are all playing a role in dragging down earnings for the S&P 500.

The Wall Street Journal notes that "In Apple's case, foreign exchange is a headwind as the tech company collected nearly 60% of its revenues from outside of the Americas during the calendar second quarter. But demand for its iPhones is expected to boost the company's bottom line after Apple reported a record 13 million plus iPhone 6s and 6s Plus models were sold during its launch weekend in September."

Piper Jaffray analyst Gene Munster wrote to clients stating that "We believe the biggest investor concern heading into the Sep-15 report is what the Dec-15 guide will imply for iPhone units. We believe that any guide that implies flat iPhones y/y or better would be viewed positively by investors." Munster is hoping for guidance aiming for 75 million iPhones or higher for the holiday quarter.

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