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.

Growing concern over the trajectory of the Iran war has bond yields rising and mortgage rates following suit.

The average rate on the 30-year fixed loan rose 7 basis points Tuesday to 6.75%, according to Mortgage News Daily. That is the highest level since July 31. Rates are now up 33 basis points in just the past 10 days and are 46 basis points higher than their recent April low of 6.29%.

That April drop came after a sharp spike in rates at the start of the war, when the rate jumped from 5.99% at the start of March to 6.64% by the end of the month.

“Bonds are telling politicians to get serious about ending the war or face increasingly dire consequences,” wrote Matthew Graham, chief operating officer at Mortgage News Daily.

The move from 5.99% to now 6.75% is a meaningful change in the housing affordability math. For a buyer putting 20% down on a $420,000 home — roughly the national median home price — their monthly principal and interest payment has gone from $2,012 to $2,179, a difference of $167.

The nation’s homebuilders are slightly less sensitive to rate moves, as the builders have been buying down mortgage rates to get buyers in the door. Rates are still lower than they were a year ago, when they spiked over 7%.

“Rates are a challenge,” said John Lovallo, a UBS homebuilder analyst, in an interview Tuesday on CNBC’s “Squawk on the Street.” “But we’re still at levels where the builders can operate at effectively. As quickly as rates went up, they could come down just as precipitously if this war comes to some kind of resolution and oil pulls back.”

Lovallo said he sees this as a buying opportunity for the builder stocks and noted that the homebuilders are still seeing average order growth through the spring season.

“Demand for housing is still robust,” he said.

Sales of pending homes rose in April both month over month and compared with a year ago, according to a report Tuesday from the National Association of Realtors.

“Buyers are coming out with cautious optimism despite increasing economic uncertainty and a slight rise in mortgage rates,” said Lawrence Yun, chief economist for the NAR, in a release. “Demand will easily be even higher once mortgage rates retreat to the levels they were at earlier this year.”

If new Federal Reserve Chair Kevin Warsh is still itching for a “good family fight” over monetary policy, he is likely to get one if he sticks to his guns on interest rate cuts.

With inflation spiking and Treasury yields surging, Warsh is likely to confront a Federal Open Market Committee in no mood to ease. In fact, several officials of late have stressed the need for the Fed to keep its options open for rate hikes ahead.

If it looked like outgoing Governor Stephen Miran was a lone wolf howling for reductions, seeing a Fed chair trying to defy his fellow policymakers and push for cuts will loom even larger.

Those who have watched Warsh over the years, from his prior stint as a Fed governor through his high-profile public disagreements with Fed policy since, expect him to put up strong arguments for cutting. The problem is, he’s likely to lose at least in the short term, a situation that sets up some interesting communication issues for the new central bank leader.

“I saw him in action. He does base his decisions on his view of the economy, and even his arguments for why he would favor rate decreases in general were based on his read of what’s happening structurally in the economy,” said former Cleveland Fed President Loretta Mester, who served with the Philadelphia Fed during the prior period when Warsh was on the board. “I just don’t think right now he can make those arguments in a credible way, because we have an inflation problem.”

Indeed, surging inflation will be Warsh’s first and primary policy challenge.

Officially, Warsh has echoed much of the Trump administration’s position on the current run of price surges — mainly that they are temporary and will fade once the fighting in Iran ceases and various disinflationary forces, such as increased productivity, take over.

However, those arguments face a tougher audience now with inflation levels at multi-year highs.

Warsh made the “family fight” remarks during his Senate confirmation hearing, a remark, along with other caustic comments he’s made about the Fed, that central bank observers privately say could come back to haunt him.

Federal Reserve Governor Stephen Miran on Monday continued his campaign for lower interest rates, telling CNBC that policymakers should disregard the current energy price spike unless there are signs it will have longer-lasting impacts.

“If I saw a wage-price spiral, or I saw evidence that inflation expectations are starting to pick up, then I would get worried about it,” he said during a “Squawk on the Street” interview. “There’s no evidence of it thus far, and you can move the monetary policy rate all you want — today tomorrow — but it’s not going to affect inflation the next couple of months.”

Citing market-based indicators, Miran said inflation expectations remain well anchored, despite the jump in oil to more than $100 a barrel and a price shock at the pump that has pushed gasoline higher by more than $1 a gallon.

Monetary policy works with a lag and isn’t geared toward short-term market gyrations, he added.

Miran has dissented at each of the meetings he has attended since September 2025. He told CNBC that he continues to think “we could be about a point easier, gradually done over the course of a year.”

The fed funds rate is currently targeted in a range between 3.5%-3.75%. Market pricing is implying no moves in either direction before the end of the year.

Miran’s term has expired, but he continues to serve as the nomination of former Federal Reserve Governor Kevin Warsh is held up in the Senate Banking Committee. If confirmed, Warsh will take over as chair for Jerome Powell when the latter’s term expires in May.

Federal Reserve Chair Jerome Powell, in a wide-ranging talk at Harvard University, said Monday that he sees inflation expectations as grounded despite rising energy prices so the central bank doesn’t need to respond with higher interest rates.

As his term leading the central bank nears an end, Powell avoided questions about the longer-term direction of interest rates or inclinations his designated successor has espoused.

In the near term, he said the proper move is to look beyond the short-term gyrations of the energy market and focus on the Fed’s goals of stable prices and low unemployment.

“Inflation expectations do appear to be well anchored beyond the short term, but nonetheless, it’s something we will eventually maybe face the question of what to do here,” he said during a question-and-answer question with a moderator and students. “We’re not really facing it yet, because we don’t know what the economic effects will be, but we’ll certainly be mindful of that broader context when we make that decision.”

As he has in the past, Powell said he believes the current rate target, in a range between 3.5%-3.75%, is “a good place” for the Fed to sit as it observes events currently playing out, including the Iran war and the impact tariffs are having on prices.

The comments appeared to register in financial markets, with traders no longer pricing in a significant chance of a rate hike this year. As recently as Friday morning, markets were looking at a better than 50% probability of a quarter percentage point increase amid expectations the Fed would react to the surge in energy costs. However, odds of a hike by December fell to 2.2% after Powell’s appearance.

Powell said raising rates now could have negative effects on the economy later. He noted that Fed rate moves have a lagged impact on the economy, so tightening here wouldn’t help the inflationary impact of the Iran war.

“By the time the effects of a tightening in monetary policy take effect, the oil price shock is probably long gone, and you’re weighing on the economy at a time when it’s not appropriate. So the tendency is to look through any kind of a supply shock,” he added.

Market-based measures such as breakeven rates in Treasury yields indicate few fears of an inflation spike. Breakevens measure the difference between Treasurys and inflation-indexed securities. The five-year breakeven rate most recently was around 2.56% and trending lower over the past 10 days.

Powell’s term ends in mid-May, and President Donald Trump has nominated former Governor Kevin Warsh as the next chair. However, Warsh’s nomination is being held up in the Senate Banking Committee as U.S. Attorney Jeanine Pirro continues her investigation into renovations at Fed headquarters.

Though a judge threw out a subpoena Pirro’s office issued to Powell, she has appealed the decision. While the case is being adjudicated, Sen. Thom Tillis, R-N.C., has vowed to prevent the nomination from going through.

For his part, Warsh has stated a preference for lower interest rates than the current level. Asked to comment on his successor’s plans, Powell said, “I’m not going to swing at that pitch.”

Regarding private credit, Powell noted rising defaults, investor withdrawals and concerns about wider issues in the $3 trillion sector.

“I’m reluctant to say anything that suggests that we’re dismissive of the risk, but we’re looking for connections to the banking system and things that might result in contagion. We don’t see those right now,” he said. “What we see is a correction going on, and certainly there’ll be people losing money and things like that. But it doesn’t seem to have the makings of a broader systemic event.”

The Federal Reserve is still expecting to cut interest rates once this year in spite of a spike in oil prices from the Iran war.

The central bank’s so-called dot plot, which shows the anonymous expectations of the 19 individual members, showed a median estimate of 3.4% for the federal funds rate at the end of 2026, the same as what it had projected at the end of last year.

However, a closer look at the overall dot plot showed the balance of projections moved toward fewer reductions, meaning more members are forecasting one reduction from two previously.

“If you notice, the median didn’t change, but there was actually some movement toward — a meaningful amount of movement — toward fewer cuts by people,” Fed Chair Jerome Powell said in his post-meeting remarks. “So four or five people went from two to one, let’s say, two cuts to one cut.”

The Fed kept rates unchanged on Wednesday, voting 11-1 to keep the benchmark federal funds rate anchored in a range between 3.5%-3.75%.

Traders had come into the year hopeful for two interest rate cuts. However, that expectation has been getting pushed out in recent weeks because of data showing hotter inflation that could put the central bank on hold.

In particular, it complicates the job of former Fed Governor Kevin Warsh, who is set to succeed current Chair Powell when his term ends in May. Warsh, who was handpicked by President Donald Trump, has expressed his support for lower rates.

The Fed’s Summary of Economic Projections showed higher inflation projections for the year, as well as a somewhat faster pace of growth.

The forecast for personal consumption expenditures inflation climbed to 2.7% for 2026, up from 2.4% in December. The projection for core inflation, which excludes volatile food and energy prices and is more closely watched by the Fed, also rose to 2.7% from 2.5%.

However, the change in real GDP rose to 2.4% from 2.3% in December.

Fed funds futures were last pricing in just one rate cut in 2026, as well as the greater likelihood that the central bank may remain on hold, according to the CME FedWatch Tool.

— CNBC’s Gabriel Cortes and Jeff Cox contributed to this report.