What if Japan routed the Americans at midway?

The Japanese annihilated all US ships involved in the battle except for maybe a destroyer or two. Ignore the feasibility of this or mistakes made during the battle. The Japanese lose 1 carrier and a few cruisers. The aircraft losses for Japan are significantly reduced for Japan though, which is enormously helpful. The plan was to take midway and use that to advance towards to Hawaii. Can America defend it with the loss of almost all of their carriers in the pacific? The Japanese had plenty of combat power in summer 1942 so if Japan took Hawaii could the US recover? With so many aircraft and ships could they even defend Port Moresby, one of the last allied ports in the South Pacific?