Apple inches closer to becoming the world's first $1 TRILLION company

All eyes are on Apple as it prepares to report its latest quarterly earnings
Tuesday afternoon.

Wall Street will be closely examining the tech giant's third quarter results to get a feel for the health of its mainstay iPhone business.

The market is also eager for news about how the company is riding out trade turbulence between the US and China.

Should it exceed analysts' expectations, many are predicting that it could be enough to tip Apple's market cap over the historic $1 trillion mark - beating out tech rivals Amazon and Google in the process.

To hit the trillion-dollar mark, Apple shares would have to climb about seven percent from the $189.91 price logged at the close of official trading Monday on the Nasdaq.

Apple will also hold a call with investors at 5 p.m. (ET) on Tuesday.

Wall Street expects Apple to report $52.3 billion in sales for the quarter with earnings of $2.18 per share.

For the quarter, analysts predict that Apple will sell 42 million iPhones, which is lower than the 52.2 million it sold in the previous quarter.