Christ promises that those who obey will share authority with him. This is symbolized by the iron rod that will break the opposition like clay pots (quoting Psalm 2:8–9; compare Revelation 12:5; 19:15).
The morning star is the planet Venus, which signals the coming of a new day. Here, it refers to the promise of resurrection when Christ returns (Revelation 22:16; 2 Peter 1:19).