Apple's shares rose to a record high a day after it announced its push into artificial intelligence after partnering up with OpenAI.
Traders work on the floor at the New York Stock Exchange in New York City, U.S., Feb. 23, 2024.This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribefell by 120 points ahead of key inflation data and the conclusion of the Federal Reserve's meeting on Wednesday.
Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are.Brent crude oil prices could soar to $86 a barrel in the third quarter. The investment bank cites surging summer demand and a substantial supply deficit, which could drive up gasoline costs and further complicate the Fed's policy decisions during its upcoming meeting.
Despite the upcoming release of consumer price inflation data before the bell, former Atlanta Fed President Dennis Lockhart told "Squawk Box" that it's unlikely tothe outcome of the Fed's meeting. He said, "In my experience when people are sort of locked into their positions. It would take a pretty startling CPI report to change the basic momentum of the meeting... On balance, this is going to be a boring meeting.
Boring it may be but it is inescapable that Wall Street will be scrutinizing the Fed's decision and the guidance it offers to figure out when it could consider cutting rates. Right now, theCNBC's Lim Hui Jie, Jeff Cox, Lisa Kailai Han, Alex Harring, Spencer Kimball, Hayden Field, Samantha Subin, Ashley Capoot and Michael Wayland contributed to this report.
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