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Jim Cramer's Thursday Market Watch: Key Earnings and Sector Shifts
Technology Services · Internet Software/Services · cnbc · 2026-09-03
US10Y, SNOW, AVGO, BA, HPE, ADBE, OKE, MRNA, MSFT, DELL, SMCI, FIVE, IGV, NVDA, SOXX, MRK, XBI, BAC, AMZN, APO, SKYY, GOOGL, SPY
Jim Cramer highlights key market movements, including earnings reactions from Broadcom and Snowflake, alongside updates on AI infrastructure and analyst ratings.
What Happened
Earnings and Market Sentiment: Broadcom shares dipped despite beating expectations as investors weighed light guidance against a strong 2028 AI revenue outlook. Conversely, Snowflake surged over 24% after reporting impressive quarterly results and demonstrating strong momentum in its AI-driven data consumption model.
AI Infrastructure and Hardware: Hewlett Packard Enterprise saw shares decline despite topping consensus estimates and raising future growth guidance, reflecting a divided Wall Street view on server makers. Meanwhile, Nvidia continues its aggressive expansion with a $12.9 billion acquisition of Hugging Face to bolster its open-source AI ecosystem.
Cloud and Energy Developments: Microsoft has begun disclosing specific quarterly revenue for its Azure cloud business, which reached $29.4 billion, positioning it between Amazon Web Services and Google Cloud. In the energy sector, Oneok continues to receive bullish analyst upgrades following its strategic acquisition of Brazos Midstream assets.
Corporate and Regulatory Headwinds: Boeing faces ongoing pressure as new liabilities emerge at its Spirit AeroSystems unit, while Moderna was downgraded to sell by Rothschild & Co Redburn due to concerns over excessive market optimism regarding recent vaccine trial data. These developments highlight the diverse risks and opportunities currently influencing the broader equity market landscape.