CNBC Business News Update - Market Midday: Stocks Mixed, Fed Rate Decision Ahead, Post-Midterm Rally Possible • 10/28/26

Episode Date: October 28, 2026

CNBC Business News Update with Jessica Ettinger - Markets & Business News With Expert Analysis From Top Business Names. Visit CNBC.com For More. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CNBC Business News Update. Market Midday, I'm Jessica Eddinger. The major averages are mixed on Wall Street this afternoon. You've got the Dow up 130 points. It's being led higher by shares of Chevron, which are up more than 1%. The S&P 500 index up 14 points. The NASDAQ in the red. It's down 11 points this afternoon.

Shares of Nvidia, Qualcomm, and Cerebra systems are all lower. The other chipmakers seem to be higher. It's a split picture. Deutsche Banks Bank's Bankim Chata tells CNBC. Next Tuesday's midterm elections could mean stocks go higher. Midterm election Q4s have been generally very positive. 21 out of the last 23 saw, you know, the market rally. Average rally is 7%.

Investors are waiting for a Fed decision on interest rates this afternoon, but they widely expect the Fed to hold rate steady. Investors, however, really want to hear commentary by Fed Chair Kevin Warsh. Full coverage on CNBC TV and CNBC.com at 2 p.m. Eastern. Oil is spiking today. New Houthi attacks on a Saudi Arabian refinery. Here's CNBC's Pippa Stevens. Ramco's Rastjaneer refinery, that's the largest in the country hit by ballistic missile.

As the Houthis continue, their attacks on Saudi Arabia's energy infrastructure, with the U.S. reportedly warning Persian Gulf countries to be prepared for a short, intense military campaign after the midterms. That's according to the Wall Street Journal. Now, Iran is clearly feeling the pressure from depleted oil revenue. Eurasia groups saying Iran will resist U.S. pressure and mount an aggressive retaliation. U.S. crude close to $102 a barrel this afternoon. AAA says the national average for a gallon of regular is $4.24.

On this day last year, gas was about $3 a gallon. Two big tech names reporting quarterly results. After the closing bell today, Microsoft and Google Parent Alphabet. more would-be homebuyers supplied for riskier adjustable rate mortgages last week to the highest level in more than a year. Arms start the buyer out with a lower-than-average interest rate. But then the loan jumps up or adjusts after a set period of time. Today's average rate on a 30-year fixed home loan is 7.33% according to mortgage news daily. The week before the U.S. sent missiles into Iran last February.

The average was in the five. 5.99%. Tonight's powerball jackpot, $716 million. Jessica Eddinger, CNBC. From gas prices to housing prices, from government spending to consumer spending, from the AI boom to the data center backlash. How will this election hit your pocketbook and your portfolio? Continuing coverage. The economy election, CNBC.