Jim Cramer's Top 10: Market Watch Wednesday

As the global markets brace for another day of volatility, CNBC's Jim Cramer presents his top 10 things to watch in the stock market on Wednesday, October 2. Geopolitical tensions, corporate earnings, and sector-specific trends are among the key factors influencing investor sentiment.

1. Geopolitical tensions in the Middle East are driving oil and natural gas prices higher. Iran's missile attack on Israel has heightened regional tensions, with Saudi Arabia signaling a potential oil price increase to $50 per barrel. Investors are closely monitoring the situation, as any further escalation could have significant implications for energy sector stocks.

2. Nike's dismal quarterly performance has raised concerns about the company's future prospects. Sales dropped 10% annually, and management withdrew guidance. The incoming CEO, Elliott Hill, will face significant challenges in reversing the company's fortunes. Success for Hill could benefit retailers like Foot Locker and Dick's Sporting Goods.

3. Chipotle's international expansion is on track, with its first location in Dubai opening on Wednesday. The burrito chain's partnership with franchise operator Alshaya Group is a well-studied, yet unusual arrangement. Despite macroeconomic resistance to higher prices in markets like California, Chipotle's new Honey Chicken dish is testing extremely well in Nashville and Sacramento.

4. Spice maker McCormick is at an inflection point, with total volumes finally seeing growth. The stock may appear expensive at over 27 times forward earnings, but that assessment could change if the company's turnaround is genuine. Gen Z consumers' desire for restaurant-quality meals at home and the absence of significant price increases are working in McCormick's favor.

5. Salesforce was upgraded to a 'buy-equivalent' rating by Northland Capital Markets, with a price target of $400 per share. The research firm praised Salesforce's new AI offering, Agentforce, which could be the most popular product co-founder and CEO Marc Benioff has ever launched. Other research shops have also praised Agentforce's potential.

6. Chinese tech stocks JD.com, PDD Holdings, and Alibaba are surging, potentially drawing hot money away from American tech giants like Nvidia, Apple, and Amazon. Investors should be patient with these American tech giants, as they may struggle to advance while money flows into hotter stocks.

7. Humana's shares are getting crushed after the health insurer reported a sharp decline in Medicare Advantage plan enrollments for 2025. The main reason is a pending rating change for its biggest plan. Once a hot area for health-care investors, Medicare Advantage has become a challenging sector.

8. Wolfe Research upgraded Sphere Entertainment to a 'buy' rating from 'hold.' The owner of the Sphere concert venue in Las Vegas is an interesting, overlooked growth stock that is moving on Wolfe's call.

Investors should closely monitor these developments and adjust their portfolios accordingly. Geopolitical tensions, corporate earnings, and sector-specific trends will continue to shape market sentiment in the coming days.