TheStreet's Jim Cramer said it's surprising that semiconductor companies Skyworks Solutions (SWKS) - Get Report and Broadcom (AVGO) - Get Report are barely lower Wednesday while NXP Semiconductor (NXPI) - Get Report is higher despite Apple's (AAPL) - Get Reportpoor earnings.
Apple reported its first year-over-year revenue decline in 13 years. Despite Apple stock falling 6%, the rest of the market is holding up pretty well, Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment.
Cramer was even more impressed that Alphabet (GOOGL) - Get Report -- another mega-cap tech stock and, like Apple, an AAP holding -- is also having little effect on the market as a whole since reporting earnings last week. The tech sector, however, is another story.
Cramer said tech is now the worst-performing sector so far this year. "This, too, shall pass," he reasoned, noting that financials, biotech and energy are three sectors that have survived bear markets and eventually rose again.
Right now, Cramer said, "There is a bull market in industrials," and that's helping to keep the broader market higher. Of course, the Federal Reserve could throw a wrench into all of that, depending on what it says later this afternoon, Cramer concluded.
At the time of publication, Cramer's Action Alerts PLUS had a long position in AAPL and GOOGL.