What's More Important To The Stock Market - Apple Or Hurricane Harvey?

Hurricane Harvey continues to wreak havoc in Texas that could cause untold damage to the state's energy infrastructure, while at the same time, North Korea launched a missile that breached Japan's airspace. Yet despite these two major concerns, Apple Inc. AAPL is dictating the trading action on Wall Street, at least according to CNBC's Jim Cramer.

Apple reportedly is scheduled to host a product launch event on Sept. 12 and could unveil its new iPhone 8 at that time, Cramer explained during his daily "Mad Money" show on Monday. This is significant because, if the reports are true, it will put to rest fears that the iPhone 8 will be delayed.

In fact, if Apple does announce its new phone on Sept. 12, it would come much earlier than Wall Street had expected, Cramer emphasized. Meanwhile, one of Apple's most notable investors, Warren Buffett, will be speaking with CNBC's Becky Quick later this week, and investors will likely be encouraged by his enthusiasm.

Cramer has been saying for a long time that investors need to own Apple's stock as opposed to trading it. Patient investors have been rewarded through the months' volatility in Apple's stock as it is sitting near its all-time highs. And these investors will continue to be rewarded as Apple, not its suppliers, will be the true winner of the next iPhone.

But at the same time, investors can't do wrong in buying shares of Apple's suppliers, including Broadcom Ltd AVGO, Cirrus Logic, Inc. CRUS and Skyworks Solutions Inc SWKS, Cramer continued. Among those names, Broadcom stands out as the component supplier's stock has been "horrendous" the past few days. However, what is important to consider is that it "makes the most intellectual property in the iPhone" among its large-cap peers.

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