US Federal Reserve Chairman Jerome Powell speaks during a press conference after a meeting of the Federal Open Market Committee at the Federal Reserve Board Building in Washington, DC on March 18, 2026.
Brandon Smialowski | AFP | getty images
Hello, I’m Dylan writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
US markets fell sharply on Wednesday as inflation data and Fed signals raised market concerns over Iran. However, there were some bullish AI signals.
What you need to know today
Dow Jones Industrial Average on Wednesday Falling more than 750 points to a new low for the year, the index is on pace for its worst month since 2022.
This happened after the Federal Reserve kept rates stable. Policymakers pointed to inflation concerns and uncertain impacts amid the Iran war, dimming hopes for quick cuts.
Meanwhile, Fed Chairman Jerome Powell says he will continue to serve as head of the central bank if his nominated successor, Kevin Worsh, is not confirmed by the time his term ends in May.
The Fed will continue to monitor factors such as energy prices Iran’s missiles caused widespread damage to Qatar’s Ras Laffan natural gas facility on Wednesday, threatening energy supply disruptions.
In an effort to stabilize oil markets, President Donald Trump issued a 60-day waiver of the Jones Act – a long-standing shipping law that requires the transportation of goods between US ports to be operated by US ships.
It’s not just gas prices that are rising; Memory chip prices are also rising amid intense AI demand. That nearly tripled US memory chip maker Micron’s revenue in the latest quarter.
Demand for artificial intelligence is also boosting companies in China, with tech giant Tencent reporting full-year revenue that topped analysts’ predictions, as it continues to increase AI investments.
In another bullish sign for AI in China, policymakers and tech companies are pushing for widespread adoption of the open-source AI agent OpenClave. Amid market enthusiasm for OpenGL, shares of some of China’s “AI tigers” surged on Wednesday.
– Dylan Butts
