Apple's financial report data has become a bellwether for the US stock market, and analysts only hope to maintain quarterly performance

Even if the quarterly numbers aren't that good, Apple's stock could still surge on earnings that aren't big enough to spook the market, CNBC analyst Jim Cramer said.

“I know it’s a big week for earnings, but what I’m really focused on is Apple,” Cramer said Monday. “People are very pessimistic about Apple, and a lot of people think it’s going to be subpar even if it rebounds.”

Analysts expect Apple to report adjusted earnings of $2.10 per share for the third quarter, which would be down 10% from the same period last year. In April, Apple reported second-quarter earnings of $2.46 per share, beating expectations by 10 cents but about 10% below the second quarter of 2018.

Cramer added that as long as Apple can eke out a solid quarter, it might be enough for the overall stock market to continue its upward trend.

“That’s been the theme of the market: When the sentiment is not panic, the stock market goes higher,” he said. “Anything is better than panic. People were really worried about this earnings season.” He added, “It turns out that the panic was unjustified.”

Apple shares rose on Monday, trading around $210 a share. That’s about 11% below its all-time high in October last year. The stock has risen about 33% in 2019, outperforming the S&P 500’s 20% gain this year.

With U.S. stocks near all-time highs, investors are increasingly concerned about the impact of ongoing trade frictions, a slowing global economy and persistently low inflation.

Apple has previously warned that tariffs on its products would reduce its contribution to the economy and asked for an exemption for its products, but Trump rejected that request on Friday.