All of Wall Street's eyes are on Apple right now.

Apple is scheduled to report quarterly earnings after the close Tuesday and the broader market is currently trading in lockstep with the tech giant.

Source: KoyFin.com

The SPDR S&P 500 ETF Trust (SPY) hit its high of the day at the same time shares of Apple hit their session high. Once Apple pared its gains to trade flat, the SPY — which track the S&P 500 index — reverted back to breakeven. As of 1:38 p.m. ET, both Apple and the SPY were both down about 0.1 percent.

Apple shares have been beaten down lately, falling about 1 percent this month, on the back of a big cut in revenue guidance. Earlier this month, the tech giant slashed its fiscal first-quarter revenue forecast amid weakness in the Chinese economy and weaker iPhone sales.

Most of the bad news may have already been priced in, however. Larry Benedict, founder of The Opportunistic Trader, said the options market is pricing in no more than 3 to 4 percent move on the earnings report, "so we're not expecting much there."

Apple shares fell nearly 10 percent after cutting its guidance earlier this month. Apple has a 3.2 percent weighting in the SPY, second behind Microsoft's 3.7 percent weighting.

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