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

My top 10 things to watch Monday, February 23 1. We're headed lower on Wall Street this morning. President Donald Trump raised the key global tariff rate from 10% to 15% following Friday's Supreme Court decision. Oil prices remained largely flat after the United States took no action against Iran over the weekend. 2. The name of the club, Eli Lilly, defeated Novo Nordisk once again. The Danish drugmaker's next-generation obesity drug, CagriSema, was no more effective than Lilly's Zepbound in a head-to-head trial. Novo shares gained 15% in value. Lilly added more than 3%. Keep buying Lilly. 3. Is a private equity crisis looming amid concerns that AI is eating into software and hyperscalers' massive spending on data centers? I explored all of these crosscurrents in my article on Sunday and will look at what they mean for our portfolio during Friday's Club Members Monthly Meeting. 4. RBC Capital Markets raised the purchase price of Spanish Banco Santander to a hold buy ahead of this week's investor day. Santander is the best bank to have in Europe and deserves the valuation premium. It is also expanding into the U.S., announcing the acquisition of Connecticut-based Webster Financial earlier this month. 5. Google's parent company, Alphabet, has been upgraded to a no-wait buyout at Wells Fargo. Analysts said it leads in customer data, distribution and computing capacity, three attributes needed for an AI winner. I accept. Therefore, the Club began to re-establish itself in the Alphabet late last year. 6. Jefferies axes much of its software coverage, downgrading Workday, DocuSign, Monday.com and Freshworks over “more persistent” AI risk and negative sentiment. Analysts said they have a relative preference for software vendors willing to disrupt themselves, such as Salesforce and Intuit. Salesforce is one of five Club holdings to report this week, as is Nvidia. 7. JPMorgan downgraded VF Corp., the company behind Vans, The North Face and Timberland, lowering its sales forecasts. Analysts also lowered their price target by $1 to $18 per share. I am not aware of this call. VF is making a comeback and I wouldn't bet against CEO Bracken Darrell. 8. UBS upgraded BlackRock to buy from hold with a $1,280 price target. Analysts cited permanent wage growth and margin expansion. We have it. It might be time to sell. BlackRock had a good quarter, but maybe it wasn't good enough? 9. With Deere shares rising more than 40% this year, Jefferies downgraded the farm equipment giant and suspended sales. At this point, the market has already priced in a full recovery in the agricultural cycle and the stock's earnings multiple north of 34 is too expensive, analysts said. 10. UBS upgraded CBRE Group to a hold buy after the commercial real estate firm's shares were caught in an AI disruption sell-off. Analysts are little concerned that brokerage services will be eliminated by AI or that white-collar job losses will negatively impact office building values. They argued that CBRE's vast data library is an asset in the age of artificial intelligence. Sign up for free for my Top 10 Morning Thoughts on the Market email newsletter (See here for a complete list of stocks in Jim Cramer's Charitable Trust.) When you subscribe 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 trading alert before buying or selling a stock in his charitable foundation's portfolio. If Jim talked about a stock on CNBC TV, he waits 72 hours after issuing the trading alert before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, TOGETHER WITH THE DISCLAIMERS. NO CIVIL OBLIGATIONS OR DUTIES EXIST OR SHALL BE RESULTING FROM YOUR RECEIVING ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULT OR PROFIT CAN BE GUARANTEED.