Apple unveils 9.7-inch iPad Pro, 4-inch iPhone SE

Apple announces the new iPhone Apple SE
Source: Apple Inc.

Apple unveiled a new 4-inch iPhone, and a smaller iPad Pro during a Monday event.

The company said its new phone — called the iPhone SE — will begin at $399 for the 16GB model. The new iPad Pro model, which features a 9.7-inch display, will start at $599 for the 32GB version.

Apple's stock has fallen about 15 percent over the last year, but it's been on the rise since the beginning of February. Shares in the company turned negative during the event, which began at 1 p.m. ET and lasted for about an hour.

Apple CEO Tim Cook began the event by addressing the company's fight against the U.S. government over whether it should break into the phone used by one of the San Bernardino attackers.

Here's CNBC's live coverage of the Apple event: