Jim Cramer’s top things to watch in the stock market Wednesday

1. Equities edge down Wednesday morning, as the Labor Department’s monthly consumer price index shows inflation increased more than expected last month. It’s a little hotter, but not terrible — and there’s no bleed of energy inflation into the rest of the economy yet. The S&P 500 was 0.13% lower in premarket trading. Oil prices, meanwhile, continued their ascent, with West Texas Intermediate crude hovering above $89 a barrel.

2. Mortgage applications decreased for the seventh time in eight weeks last week, reaching the lowest level since 1996, according to the Mortgage Bankers Association’s seasonally adjusted index. The news is a sign that high interest rates are continuing to take a toll on mortgage demand, especially for refinancing.

3. Club name Apple (AAPL) on Tuesday launched the iPhone 15 and iPhone 15 Plus, complete with USB-C charging. Wall Street was not particularly impressed with the slew of incremental updates. Here’s the Club’s take on Apple’s annual event.

4. UBS initiates coverage on Club holding Ford Motor (F) with a buy rating and $15-per-share price target. The automaker is planning to double output of the hybrid F-150 pickup truck. Will it return to more moderate losses on the electric-vehicle front? Meanwhile, Ford is continuing negotiations with the United Auto Workers in an effort to avert a strike. Here’s how a strike could impact Ford.

5. China denies reports it issued a ban on government workers using…