Jim Cramer's top 10 things to watch in the stock market Wednesday

My top 10 things to watch Wednesday, Sept. 2 1. The global bond rout continues, with yields higher in the U.K., Germany, and France. At home, the yield on the 10-year Treasury hit its highest level since November 2023 , before steadying. S & P futures are flat. Why? Perhaps because oil prices are lower this morning. 2. Tensions in the Middle East remain high after the U.S. and Iran traded strikes yesterday . Now, Iran said a pair of oil tankers hit naval mines while plying the Strait of Hormuz. Iran also launched a retaliatory missile attack targeting Jordan. No response from the U.S. today — yet. 3. Chevron said it's investing $7 billion in Venezuela to more than double its oil production in the country. But this will take years and years to be fully realized, so it's unlikely to provide immediate relief on oil prices, which is what we need to bring down inflation and keep the Federal Reserve from another rate-hiking cycle. 4. Dell : best quarter of the year last night? Shares are up nearly 8% premarket. Much better than expected in so many ways. Server demand is off the charts from both on-prem enterprise customers and cloud data center operators. Marvelous supply chain work. Still seeing constraints on DRAM and NAND memory (good read-through to Club name Micron ) and spotty shortages on CPUs (good read-through for Club name Intel ). 5. The ultimate read-through is for Nvidia , which has been a close partner with Dell for years. Dell's results and guidance are what happens when you have Nvidia chips to sell. Yet Nvidia's stock is basically flat this morning. Should we be surprised at this point? To get its mojo back, Nvidia needs a massive buyback program , like what Apple instituted under ex-CEO, now executive chair Tim Cook. 6. Typically strong quarter from Palo Alto Networks . Fiscal fourth-quarter numbers topped expectations, and guidance for the new year exceeded consensus on all key lines. Cyber is basically becoming a duopoly between Palo Alto and CrowdStrike . We own them both for the Club. Palo Alto's Nikesh Arora told me there's $1 trillion of legacy infrastructure ill-equipped for the cyber realities of the AI era. 7. Mix of price target raises and reductions for MongoDB after the database software provider's second-quarter report. Shares are off 12% despite results and guidance above expectations. The stock was up more than 45% since late July, so the bar to satisfy investors was high. No matter what the market reaction suggests, the numbers looked excellent to me. 8. JPMorgan lowered its price target on Edison International to $61 from $82 as the fallout continues from the California legislature's lack of wildfire protections for utilities. I'm trying to figure out where the situation stands tonight with PG & E CEO Patti Poppe, who will join me on "Mad Money." 9. Medtronic is finally ready to run after yesterday's good quarter. The medical device maker's stock reminds me of where Abbott Labs was before ABT mounted a nice move higher. Bank of America lifted its price target on Medtronic to $110 from $95 and kept its buy rating. Baird went to $100 from $91, while staying at hold. 10. Element Solutions was initiated with a buy rating at Jefferies, saying the specialty chemicals maker is a way to play the "theme of more electronics in more places." Element had a deal to merge with Solstice Advanced Materials , but both shareholder bases disliked the idea, so the companies terminated it last week. Element is still down more than 20% since before the merger was announced July 6. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.