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

An important development from the financial markets: My top 10 things to watch Friday, May 15 1. We're headed for a sharply lower open. Weakness in tech names has Nasdaq 100 futures off more than 1.

oil benchmark WTI crude is up 3% to $104 a barrel. Market interest rates are surging, too, with the 10-year Treasury yield topping 4. The 30-year topped 5.

Economic Details

1%, the highest in roughly a year. Low bond yields have been oxygen for the stock rally. Applied Materials posted a fantastic quarter, with beats on the top and bottom lines.

Can't boost its output of machines and tools to build semiconductor chips any more than it has, so supplies stay tight. Citi raised its price target to $550 from $520. Despite strong results, AMAT is down 2%, along with those of several other semiconductor companies.

The iShares Semiconductor ETF is on pace to break a six-week win streak. Loop Capital initiated coverage of Vertiv , a data center cooling and power supplier, with a buy rating and $500 price target. That implies over 30% upside from yesterday's close.

Analyst Views

I've loved Vertiv for years . But I don't love that analysts called AI infrastructure spending a "super cycle. " That phrase always gives me pause, even though I'm a big believer in the theme.

The order book of companies like HVAC player Trane Technologies is why I'm a believer. CEO Dave Regnery joined me on "Mad Money" last night, saying its order rates have been "off the chart. " Regnery recalls when $6 billion was considered a record backlog for Trane.

7 billion at the end of Q1. RBC Capital says it's time to buy Texas Roadhouse , raising the restaurant chain to a buy from hold. The firm sees potential for beef prices to decline, which would improve margins.

Financial markets are tracking the development closely as investors assess the likely impact.