Two question markets hovered over Wall Street on Tuesday, leading to jittery trading through the day's session. 

The first: how had Apple (AAPL - Get Report) performed over its recent quarter? 

The second: how will recent economic weakness play into the Federal Reserve's forecasts when it winds up its meeting on Wednesday? 

Both those questions kept investors on the sidelines for much of the day. By market close, the S&P 500 was up 0.12%, the Dow Jones Industrial Average added 0.17% and the Nasdaq finished up 0.06%, posting a new record close of 6,095.

Apple, the largest publicly traded company in the world, has become somewhat of a highlight of the reporting season. The company is seen as an industry bellwether and a measure of consumer sentiment, taking the pulse of how willing consumers are to spend on discretionary items.

Reporting after the bell, Apple earned $2.10 a share on sales of $52.9 billion. Analysts anticipated $2.02 a share on $53.1 billion in sales. iPhone shipments came in weaker than anticipated. 

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The tech sector moved higher ahead of Apple's results. Fellow tech names including Alphabet (GOOGL - Get Report) , Microsoft (MSFT - Get Report) , Facebook (FB - Get Report) , and Intel (INTC - Get Report) rose, while the Technology Select Sector SPDR ETF (XLK - Get Report) increased 0.12%. 

Over on Real Money, James "Rev Shark" Deporre is choosing to mess around with small-cap trades instead, including Health Innovations (HIIQ - Get Report) . Check out his analysis with a free trial subscription to Real Money.

The Fed convened for its semi-monthly meeting on Tuesday with an announcement on rates set for Wednesday afternoon. Members of the Federal Open Market Committee will be assessing recent mixed data. The majority of economists don't expect a change in interest rates.

"The May FOMC meeting will likely prove to be a non-event, as it is probably too early for the Fed to change the reinvestment language in the statement," said Societe Generale's Michala Marcussen in a note. "Similarly, the balance of risks and forward guidance should remain unchanged, and we look for only modest tweaks to the economic assessment."

The odds of a rate hike to 1% to 1.25% at this meeting sit at a negligible 4.8%, according to CME Group fed funds futures. A June rate hike looks more likely, with a 67.4% chance. The meeting on Wednesday will conclude with no press conference, often taken by investors as a sign of no change in monetary policy.

It's the second day of May, a period in which the market wisdom of "sell in May and go away" could be put to the test. The saying refers to a general downward trend each May, though that hasn't held true in seven of the past 10 years. Positive earnings have mostly kept markets on an upward trend in recent weeks.

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Advanced Micro Devices (AMD - Get Report) fell 23% after posting a so-so first quarter. The chipmaker reported a loss of 4 cents a share on revenue of $984 million. Both the top- and bottom-line met analysts' estimates.

Aetna (AET) swung to a loss over its recent quarter as expenses piled up after terminating a proposed merger with Humana (HUM - Get Report) . A loss of $1.11 a share compared with profit of $2.08 a share a year earlier. Adjusted earnings of $2.71 a share came in higher than estimates of $2.37. The health insurer anticipates its failed merger with Humana to reduce full-year earnings by $3.69 a share. The merger fell apart after a federal judge found antitrust issues. 

CVS Health (CVS - Get Report) topped analysts' estimates on its top- and bottom-line over its recent quarter. Adjusted earnings of $1.17 a share beat expectations by 7 cents, while revenue of $44.5 billion exceeded consensus of $44.2 billion. Pharmacy same-store sales declined by 4.7%, while pharmacy services revenue increased 8.5%. However, second-quarter guidance was on the weak side

Pfizer  (PFE - Get Report) posted slightly better-than-expected first-quarter earnings but missed analysts' forecasts for revenue amid a slowdown for sales of its key Prevnar 13 vaccine. Sales in its essential health unit declined by 10% in the first quarter as its antidepressant drug Pristiq lost exclusivity in the U.S. and epilepsy treatment Lyrica faced increased generic competition. 

Shares of Merck (MRK - Get Report)  traded slightly higher after the drugmaker reported adjusted first-quarter net income of $1.55 billion, or 88 cents  share, topping analysts' estimates by a nickel. Merck also raised full-year earnings guidance. Sales of type 2 diabetes treatment Januvia and higher animal health revenue helped to boost overall quarterly results.  

MasterCard (MA - Get Report) rose 1.2% after exceeding first-quarter earnings estimates. Net income of $1 a share improved on profit of 86 cents a share a year earlier. Adjusted earnings of $1.01 a share beat estimates of 95 cents. Revenue of $2.7 billion was in-line with estimates.  

April was a weak month for automakers with sales pulling back after months of strong growth. Demand for trucks and SUVs, once the driver of growth, have since cooled.

Ford (F - Get Report) declined 4% after reporting a sharp decline in U.S. sales in April. The automaker reported a 7.2% drop in U.S. sales as truck sales fell by 4.2% and F-series sales dipped 0.2%. General Motors (GM - Get Report) was also lower by 3% after reporting a far steeper decline in car sales than anticipated. U.S. unit sales fell by 5.8% compared to an expected drop of 0.7%.

Fiat Chrysler (FCAU - Get Report) dropped 4% after posting a 7% decline in unit sales, more than an anticipated drop of 5.8%. By brand, Fiat sales dropped 18%, Chrysler declined by 3%, and Jeep sales slid 17%. 

Twitter (TWTR - Get Report) surged more than 4% on Tuesday, adding to gains a day earlier, after businessman and investor Mark Cuban said he had bought stock. Cuban told CNBC that the company had "finally gotten [its] act together on artificial intelligence."

Airlines stocks were on watch as airline and industry executives testified on airline customer service before the House Transportation Committee. The hearing follows from the April 9 controversy of David Dao being forcibly dragged from a United (UAL - Get Report) plane. Rep. Bill Shuster said the hearing's purpose is to get "much needed answers about airline customer service policies and issues, and what can be done to improve the flying experience for American travelers." United shares rose 5%, while Delta (DAL - Get Report)  also gained 5%. 

On Real Money, Brian Sozzi said a good grilling by lawmakers could benefit United in the long run. Check out his insights or analysis with a free trial subscription to Real Money.

Molina Healthcare (MOH - Get Report) surged more than 18% after sacking its CEO Mario Molina and Chief Financial Officer John Molina. Chief Accounting Officer Joseph White will act as interim president and CEO, effective immediately, while a permanent replacement is found. The board decided on the shakeup after a "disappointing financial performance." 

Crude oil prices moved lower on Tuesday ahead of a weekly reading on domestic inventories. The American Petroleum Institute will release data on crude stockpiles after oil settles, while the Energy Information Administration will report official data mid-morning Wednesday. 

West Texas Intermediate crude was down 2.4% to $47.66 a barrel on Tuesday. The energy sector was the worst performer on markets on Tuesday afternoon. 

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