Index goliath Apple gains 2% ahead of annual product event

Shares of Apple were gaining along with broader market ahead of the company's event at 1 pm ET (1700 GMT) at which it is expected to update several key products including the Apple Watch and iPad. At 9.55pm IST, the stock was up $2.06 or 1.80% at $117.50.

"We believe this will all be about a refresh cycle on the wearables and iPad front, which is seeing a renaissance of growth," Wedbush analyst Daniel Ives said in a note.

TD Ameritrade Chief Market Strategist JJ Kinahan noted that, "There’s usually a lot of excitement before these events, and the challenge for AAPL is whether they can match the excitement once the news comes out."

"Some analysts have noted that when Apple rises lately, so does the market," Kinahan added in a written commentary.

Indeed, when it comes to the S&P 500 and Nasdaq Composite, the iPhone company's shares remain the biggest single-stock influence by a wide margin.

With Apple hovering near $2 trillion in market value as of mid Tuesday morning, the stock held an 11.8% weight in the Nasdaq and a 6.7% weight in the S&P 500, according to Refinitiv data.

Following Apple's stock split last month, its weight in the price-weighted Dow Jones Industrial Average slipped to 2.7% as of Tuesday, putting its influence in the bottom half of the 30-member Dow.