Stocks face pressure from rates, oil, and a flood of new offerings

CNBC’s Jim Cramer on Friday warned that a combination of rising interest rates, elevated oil prices, and a wave of new stock offerings could continue to pressure the market in the week ahead.

“You’re looking at a market that’s hostage to interest rates and high oil, coupled with a monster amount of new stock coming through the pipeline that can’t be bought unless investors sell something else,” said the “Mad Money” host.

All three of the major indexes closed lower after a stronger-than-expected jobs report pushed Treasury yields higher and diminished hopes for near-term rate cuts. Investors also grappled with the prospect of major capital raises across the artificial intelligence industry, including the highly anticipated SpaceX offering.

“Today was the day when people started raising the money…to participate in the upcoming mega IPOs,” Cramer said.

Against that backdrop, Cramer turned to the key earnings reports and events he’ll be watching in the week ahead.

Apple’s Worldwide Developers Conference kicks off. While investors have long questioned the company’s AI strategy, Cramer said Apple’s decision not to spend aggressively on AI infrastructure increasingly looks like the right call.

“It’s a big reason why the stock’s been flying while the buyers of big tech are getting crushed,” he said.

Food company Campbell’s also reports. Cramer said the packaged-food industry remains under intense pressure from weak growth, GLP-1 drugs, and limited pricing power.

After the close, Vail Resorts reports. While the stock has rebounded recently, Cramer questioned whether consumers facing high gasoline prices will continue spending on vacations.

After the bell, Cracker Barrel reports. The stock is up for the year, but still down from its highs a few years ago. “I’d love to be a buyer, but we have to see some earnings growth,” Cramer said.

Chewy reports in the morning. Following a disappointing quarter from Petco, Cramer said investors will learn whether consumers are beginning to cut back on pet-related purchases.

Cramer said Oracle, which reports after the bell, was early to recognize the opportunity in building data centers and its results should provide another read on AI infrastructure spending.

Software maker Adobe, which continues to face pressure from cheaper AI-powered alternatives, reports. Even after a sharp decline, Cramer said the stock is “not low enough to own.”

Homebuilder Lennar also reports as elevated interest rates continue to weigh on housing demand.

With SpaceX expected to debut on the Nasdaq on June 12, Cramer said he hopes investors will soon finish raising the cash needed to participate in the deal.

“Let’s get this over with, so this market can resume its advance,” he said, arguing that stocks may struggle to move higher as long as investors sell existing holdings to fund a growing pipeline of new offerings.