Market Overview

Cramer: When Apple Gains, The Entire Semi Sector Wins

Share:
Cramer: When Apple Gains, The Entire Semi Sector Wins

Shares of Apple Inc. (NASDAQ: AAPL) closed at a record high Monday, but more important to the broader market is that the iPhone maker is lifting "whole groups with them," according to CNBC's Jim Cramer

What Happened

Apple's stock continues to record new all-time highs, in part due to better-than-expected sales of the new iPhone 11, Cramer said on Monday's "Mad Money."

CEO Tim Cook also deserves credit for navigating the company through the trade war by talking to senior members of both the U.S. and Chinese governments, the CNBC host said. 

"Cook's not waiting for the trade talks to be resolved," he said. "He's on the front lines, front lines of the trade war trying to calm things down."

Why It's Important

Cook's leadership is translating to positive sentiment around the semiconductor space, Cramer said.

Taking this "pin action" one step further, the strong gains across the semi group are contributing to a "dramatic move in the whole Nasdaq," he said. 

The same trend is playing out across the banking sector, led by the "best of the best" JPMorgan Chase & Co. (NYSE: JPM), Cramer said. The stock's "fabulous" gains on Monday helped contribute to the broader bank rally, he said. 

What's Next

Apple's momentum is also easing the worries of "macro junkies" who continue to believe a notable economic slowdown is around the corner, Cramer said. 

The price action and positive investor sentiment show that it is "pretty hard to find" any sign of economic slowdown among most domestic-oriented companies, the CNBC host said. 

Apple shares were up 0.49% at $241.69 at the time of publication Tuesday. 

Related Links:

Cramer: Is FAAMG The New FAANG?

Cramer Advises His Viewers On Beyond Meat, Texas Instruments And More

Photo by Daniel Lu via Wikimedia

Posted-In: CNBC Jim Cramer Mad Money Tim Cook trade warTech Media Best of Benzinga

 

Related Articles (AAPL + JPM)

View Comments and Join the Discussion!
Lightning Fast
Market News Service
$199 Free 14 Day Trial
Book A Demo
Learn How You Can Succeed In The Market With Benzinga Pro

Fastest Market News

Real-Time News Alerts

Customizable News Filters

Book A Demo

Vertex Shares Are Rallying: What You Need To Know

Canopy Growth Expands In UK, Luxembourg Medical Marijuana Markets