My top 10 things to watch Monday, Aug. 31 1. Oil is up nearly 4% and Chevron , my crude barometer, is trading above $200. U.S. and Iran exchanged attacks for the first time since July. President Donald Trump is threatening to blow up an Iranian oil hub, growing frustrated by a slower-moving sanctions approach. 2. Bond yields are up slightly despite the oil surge, capping the losses in the futures this morning. Tough day Friday after Fed Chairman Kevin Warsh's tough talk on inflation. Warsh's comments took down Club stock Nvidia, which gave back more than half of its 8.5% post-earnings gain Thursday. I explained it all in my Sunday column . 3. Melius Research analyst Ben Reitzes said leaning into open models really helps Nvidia , calling it the "Apple Services" moment for the AI chip giant. Reitzes questioned the sell-off and sees Nvidia going higher. The stock is steady on the last day of August; up more than 8% for the month and 17% year to date. Nvidia is one of my two "own, don't trade" stocks. Apple is the other. Today is Tim Cook's last day as CEO . Legenary run. 4. Month to date: The S & P 500 and Nasdaq are up 3% and 4%, respectively. Those rallies will be tested in September, which has historically been the most challenging month of the year on Wall Street. It's going to be a jobs kind of week with the latest on job openings Tuesday and ADP private-sector hiring Wednsday, all leading up to Friday's government employment report. 5. There's some big events ahead on the corporate front, with Club names Broadcom and Palo Alto Networks reporting earnings. Fellow portfolio holding CrowdStrike kicks off its Fal.Con conference today. CEO George Kurtz's keynote is set for tomorrow and will also feature Nvidia CEO Jensen Huang and Intel CEO Lip-Bu Tan at the podium. Kurtz holds a CrowdStrike investor day on Wednesday. 6. OpenAI is ending its contracts with Cursor after Elon Musk's SpaceX acquired the AI code editor. "We are making this choice because we cannot be confident that SpaceX will use our technology within our terms of service, based on our experience with Elon Musk's companies violating contracts," OpenAI said. Remember, this is a Sam Altman-led company versus Musk. No love lost between those two. 7. Bank of America nudged up its Dell price target to $505 from $500 ahead of earnings tomorrow night. AI server maker Dell is the one that got away. Just never came back to the $150s after taking off earlier this year. A lot of that was an aggressive buyback. I sometimes thought that Michael Dell's family was getting a larger and larger position. 8. Guggenheim cut its TJX price target to $152 from $175, citing weakness at T.J. Maxx and Marshalls last quarter. But we've bought TJX on the dip twice since Aug. 19 earnings. We never want to see soft sales but credit management for taking the blame and a putting a plan in place to fix things right away. 9. Good news for Walmart . Morgan Stanley said that memberships for the company's paid subscription program, Walmart+, remain near record highs as shoppers prioritize value and convenience. This is Walmart's rival service for Amazon Prime. We own Amazon for the Club. We also own Costco , which gets the vast majority of its operating profit from its membership dues. 10. Bernstein raised its Affirm price target to $110 from $100, pointing out that the buy now, pay later company keeps beating high expectations. This one is the one to own in the group. Goldman Sachs and Cantor followed suit. Last week, there was a flood of price target hikes after last week's strong earnings report. 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.
