Apple is announcing a new iPhone today and its stock is rising (AAPL)

Tim Cook

Apple is expected to launch the next iPhone today, and investors are getting excited.

Shares of Apple are rising, and are trading 0.73% higher in early trading on Tuesday ahead of Apple's event. Apple's stock rose on the Monday ahead of the event as well, ending up about 1.81% on the day before the event.

Some analysts expect the new phone to spark a "supercycle" of upgrades. Many iPhone owners are still sporting an older model and didn't upgrade to the iPhone 7 that was announced last year. The iPhone X, as it's expected to be called, will have a new bezel-less OLED screen, which would be the first major design change since the launch of the larger iPhone 6.

At the event on Tuesday, Apple is expected to launch not only the new iPhone X, but an upgrade to the iPhone 7 line that most likely won't sport the new screen. It's also expected to announce an update to its Apple Watch and Apple TV products.

Many investors are bullish on Apple as of Tuesday. 79.5% of analysts surveyed by Bloomberg rate the company a buy and the remaining analysts are neutral. None of the analysts surveyed rate Apple a sell. The analysts have an average price target of $176.18, about 8.2% higher than the company's current price.

The announcements will take place in the brand new Steve Jobs Theater, located at Apple's new spaceship-like campus. It will be the first time the new headquarters will be open to the general public.

Apple is up 40.24% this year. To watch Apple's stock price trade live during the event, click here.

The event is scheduled to start at 1 p.m. Eastern Time, or 10 a.m. Pacific.

You can watch the event live online today on Apple's website, but make sure you are using either Safari on MacOS devices or Microsoft Edge if on Windows. Make sure to follow Business Insider's live blog during the event.

There are other stocks to watch today, as Apple is known for being a master of the supply chain. The company often sources its parts from multiple manufacturers to ensure it is getting reliable parts at the best price. Here are the companies to watch as Apple announces the new phone today, each listed with the parts they could be supplying for the new phones.