Strong Earnings Lift Tech Stocks; Apple Sets Sept. 9 Event for Foldable iPhone

The gains were narrowly concentrated in technology. Jim Cramer, CNBC's Investing Club host, remarked, "It's a pretty lousy day away from tech." The other 10 S&P 500 sectors were lower, with consumer staples, energy and industrials the worst performers. Flat oil prices and slightly lower bond yields supported the tech rally.

Cramer said the investing club was "three for three" after earnings from Nvidia, Salesforce and CrowdStrike. Shares of Salesforce and CrowdStrike both jumped roughly 20%, while CNBC's reports differed on Nvidia's gain, describing it as both more than 7% and roughly 10%. The reports noted that Nvidia is growing faster than expected, that Salesforce eased concerns about a "SaaSpocalypse," and that CrowdStrike is increasingly needed in the age of AI. Price targets for all three were raised. Nvidia also said hyperscalers now account for only half of its business, and fellow CNBC holding Amazon revealed significant spending on Nvidia products.

Within tech, the rally was uneven. Software stocks surged on the Salesforce and CrowdStrike beat-and-raise quarters, with Salesforce also announcing an AI partnership with Anthropic. The iShares Expanded Tech-Software Sector ETF turned positive for the year. In contrast, AI infrastructure stocks mostly traded lower. CNBC suggested that short covering in software may have prompted investors to sell popular AI stocks, and it remains to be seen whether the market can support simultaneous rallies in software and AI names.

Turning to Apple, the Sept. 9 event will be the first hosted by incoming CEO John Ternus, who replaces Tim Cook next week. IDC forecasts Apple will ship more than 17 million foldable iPhones by 2027, capturing a 40% share of a segment long dominated by Huawei and Samsung. Despite an average selling price above $2,550, IDC projects Apple will generate more than $45.7 billion in value, accounting for over half of the category's total. "It's an extraordinary outcome for a product expected to be less than two years into its lifecycle," said Nabila Popal, a senior research director at IDC. IDC also said that without Apple, the foldables market would have declined by double digits this year; with the foldable iPhone, shipments are now forecast to grow 12.6% in 2026 and 18% in 2027.

The broader smartphone market remains challenging. IDC cut its overall 2026 outlook to a 16.7% decline, citing rising memory costs from AI demand that are being passed on to consumers. Apple has not formally raised iPhone prices, but many expect that could be coming at the September event. Carrier trade-in programs and Apple's Upgrade program may soften the impact.

On the data and events front, investors will watch Friday's University of Michigan consumer sentiment and inflation expectations, along with a speech by Fed Chair Kevin Warsh at the Jackson Hole Economic Policy Symposium at 10 a.m. ET. Companies reporting after the close include Marvell Technology, Iren, Affirm, Ulta, Workday, SentinelOne, Gap and Autodesk.