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

Summary

CNBC's market update covers a mixed/flat open as Fed Chair Kevin Worsh says inflation remains above target and prices should be the Fed's focus. It also marks seven months of the US-Iran war, with oil and diesel prices elevated and crack spreads strong. Individual movers include Marvell and PayPal lower, Affirm higher, and Walmart preparing Tap to Pay.

• Wall Street was flattish and mixed, with the Dow, S&P 500, and Nasdaq modestly higher.
• Fed Chair Kevin Worsh said PCE inflation is 3.7% and the Fed's predominant focus should be prices.
• The US-Iran war began seven months ago, sending oil prices up about 22% and pump prices above $4 a gallon.
• Jim Cramer highlighted Russia withholding diesel, making crack spreads look the highest ever.
• Marvell shares tumbled as 37% revenue growth underwhelmed investors.
• PayPal fell nearly 15% on a report Advent and Stripe would not pursue a buyout.
• Affirm rose on strong results as consumers rotated away from high-interest credit cards.
• Walmart plans to roll out Tap to Pay this year.