Key insights
- US stocks are in the red ahead of the Fed rate decision amid uncertainty surrounding the impact of rising energy prices and hot PPI data on the Fed's rate outlook. Oil prices are surging due to Iran's threats against Middle Eastern energy assets. JPMorgan is expanding into athlete wealth management.
Yahoo Finance's John Hyland tracks today's top moving stocks and biggest market stories in this Market Minute, including how oil prices (CL=F, BZ=F) are reacting to Gulf energy assets that Iran could target and JPMorgan's (JPM) latest push in athlete wealth management.
It's time for Yahoo Finance's Market Minute. I'm John Highland.
We're halfway into the trading day and US stocks are in the red.
We are awaiting the Fed rate decision. That'll be out in less than an hour's time. There's a lot of uncertainty about how the Fed is going to navigate the war on Ron with higher energy prices impacting the Fed's rate outlook.
We also had some hot inflation earlier with the PPI report, which showed that wholesale US inflation coming in hotter than Wall Street had been expecting.
Switch it up to oil. We are seeing oil prices surge yet again. Uh Iran has listed certain energy assets across the Middle East that it says it can now uh respond to and attack. That came earlier from Israel on an Iranian gas field.
So we are seeing those prices jump. And then finally, I just want to take a look at J.P. Morgan. The bank has recruited some of the biggest names in sports to help manage athletes' finances. It's a big push from J.P. Morgan Chase and it's also being led by Dwayne Wade.
It's also got athletes including Tom Brady helping lead the program, and that is your Yahoo Finance market minute.