September 15th would be the date for new iPhones but with supply chain delays due to COVID, we're getting an Apple Watch event instead.
Rumors
The Apple Watch Series 6 is the expected name for the new watch. The Series 5 never got a processor bump from the 4 so expect a processor bump in the 6. I think the design will stay the same since the Series 4. A blood oxygen sensor is expected. With sleeping being a feature in Watch OS7, the Series 6 could emphasize on that hardware wise. Maybe better power consumption of the new processor to last two days in battery life. Apple is expected to launch a new fitness service to compete with Peloton which could be announced with the watch. This service would include fitness app for the Apple TV with live trainers. Another hardware addition would be support for Wifi 6.
One More Thing...
New low budget iPads are rumored to be announced on the side. The new iPad Air is expected to look like an iPad Pro with Touch ID under the screen and support for Apple Pencil 2. What will separate it from the Pro is the screen without 120Hz refresh rate and camera module.