"Nobody was on pins and needles waiting for Apple last quarter," Sander Read, President and CEO of Lyons Wealth Management told Real Money. "I think that's changed this quarter."
He was not certain Apple would have such an effect however.
"The fact that it had a nice move right ahead of earnings looks to us like it won't bounce too much on earnings," he explained.
His Winter Park, Florida-based wealth management firm oversees 116,337 shares of Apple as of its most recent SEC filing, which will remain stable based on Read's estimation that an earnings jump is not in the cards.
Of course, even if you are not a direct shareholder of Apple, you are likely a shareholder in some tangential way.
The largest shareholder for Apple is index leader Vanguard, which holds $72.6 billion in Apple shares. Led by Vanguard, 20% of all U.S. equities are invested passively and Apple is a cornerstone of numerous indices.
As such, the valuation weighted indices are set to swing more on Apple earnings than any other stock in the world, meaning that a significant move can lift all boats...or help sink them.
This impact of Apple bias trickles down to major institutions as well, as aside from the indices held by pensions, charities, and endowments many have chosen to invest heavily in Apple stock.
For example, the number one equity holding of the $115.5 billion New York State Retirement Systems is Apple. That is true for many systems across the country as they maintain biases to large cap stocks and follow the lead of larger peers.
ETF investors, which now account for about $3.5 trillion in assets, have contributed to Apple's importance atop the market in many ways as well.
Most notable are technology ETFs like the newly created Technology Select Sector (XLK) which is 21.1% weighted toward Apple stock, while popular funds like the iShares U.S. Technology ETF (IYW) and the Vanguard Information Technology (VGT) ETF are about 19% weighted, respectively, to Apple shares.
Over $20 billion rides on the Technology Select Sector ETF alone.
"The FAANG companies have just gotten so big so quickly," Eric Ervin, CEO of Blockforce Capital and ETF-provider Reality Shares told Real Money. "These companies are basically moving the market based on their size."
Given an October that spooked the market with some correction territory activity, investors in numerous ETFs, indices, and institutions will be counting on Tim Cook to deliver at the biggest company and thus biggest market mover in the world.