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Shares of Apple stock have been trading down most of the morning and is currently floating around $503.11, down 0.6 percent, though it dipped as low as $500.80 earlier in the day. The company is expected to announce its iPhone 5S and iPhone 5C today, so it's possible we'll see the stock bounce back depending on what's announced.

The early signs indicate that there's a bit of pause ahead of the event, perhaps suggesting that The Street isn't as excited as some consumers might be. Apple will need to show that it's new iPhone isn't only more powerful than before, but can continue to compete against Android on a global scale, not just in the domestic smartphone market.

Apple's iPhone 5C could prove to be the larger announcement today, especially if Apple reveals deals with NTT DoCoMo in Japan and with China Mobile, the world's largest wireless carrier. Neither wireless operator has offered the device before. Apple's event kicks off soon and its announcements will largely set the stage for how the company's stock performs later in the day and in the coming months.