CNBC Business News Update - Market Open: Stocks Mixed, Fed Chair Speaks, US-Iran War Enters Month 7 • 8/28/26

Episode Date: August 28, 2026

CNBC Business News Update with Jessica Ettinger - Market & Business News with expert analysis from top names in money. 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 Morning. I'm Jessica Eddinger. Wall Street's been flattish and mixed Fed Chair Kevin Warsh. Now speaking at the Kansas City Fed Symposium. That's in Jackson Hole, Wyoming, the Dow up 27 points. The S&P 500 index up seven. The NASDAQ up three points. Here's the Fed chair on inflation this morning at Jackson Hole.

On the price stability side of our mandate, the numbers are more concerned. The Fed's preferred measure of inflation, the one I talked about earlier, the 12-month change in the PC price index stands at 3.7 percent, with a six-month change a little above four. The comparable measures from the CPI index are also elevated, as our core measures both of PC and CPI inflation. None of these measures are perfect, but they all tell a similar story. is running above our 2% target. So the Fed's predominant focus right now should be on prices.

Full coverage of Fed Chair Kevin Warsh's speech at Jackson Hole is on CNBC TV, CNBC.com and on the CNBC app, which you can put on your phone and updates for your ears right here. Seven months ago today, U.S. missiles landed in Iran, beginning the U.S.-Iran war, sending oil price. is skyrocketing and pushing prices at the pump for Americans. Above $4 a gallon on average, Iran today is calling for a global pushback against U.S. sanctions. Here's a take from CNBC's David Faber and mad money host Jim Kramer. Oil and gas. And particularly diesel fuel, which the crack spread is the highest.

Looks like the highest it's ever been because the Russians are withholding their diesel. Oil is the big sticking. Oil and tariffs are to have an inflationary impact. the war in Iran is obviously sent oil prices up. They're still up 22 percent, aren't they? Yeah. AAA saying the national average for a gallon of regular today is $4.9. Diesel is up to $5.61. Diesel is used for trucking and agriculture, as well as for trains and ships, and those high costs can trickle down to the U.S. consumer.

Marvell shares were tumbling in early trading. Today, the chipmaker reported quarterly results with only 37 percent revenue growth. That was underwhelming for him. investors. PayPal shares were plunging nearly 15% after Bloomberg reported, citing people familiar with the matter that buyout firm advent and payment processor Stripe have decided not to pursue a purchase of PayPal. The deal would have been one of the largest leveraged buyouts. Affirm shares were popping today. The Buy Now Pay Later company reported strong quarterly results as consumers trying to move their credit buying away from high interest credit cards. Walmart Getting on board with Tap to Pay should be rolling out this year, something shoppers have not been able to do in Walmart stores nor at Sam's Club locations.

Tap to pay is contactless. It lets a customer pay for items by holding a card, smartphone, or smart watch near the payment terminal. America Land of the Fee, shopping malls are now charging for the closest, most convenient parking spots in many places around the U.S. This is according to USA Today. New in theaters tonight, focus features romance comedy, finding Emily. Catchups animated Coyote versus Acme and Disney's thriller The Dog Stars. Jessica Eddinger, CNBC.