CNBC Market Open: Fed Decision, Mag 7 Earnings, and Rising Energy Costs in Focus

A CNBC market open report led by Jessica Edinger covering the morning's major averages, the Federal Reserve's upcoming interest rate decision, and after-hours earnings from Microsoft and Alphabet. The update also tracks energy markets, corporate takeover news, and housing finance trends.

■ Market Open and Fed Decision
- Major averages open higher, with Alphabet leading the Dow, S&P 500, and Nasdaq
- Fed decision on interest rates expected in the afternoon, with focus on the Chair's commentary
- Treasury yields tick higher, with the 10-year note back above 5%

■ Energy, Geopolitics, and Consumer Costs
- Discussion of ongoing war costs and their estimated impact on American households
- US crude moves back above $100 a barrel; national average gasoline price compared with a year ago
- Mortgage rates and adjustable-rate mortgage applications reach recent highs

■ Corporate and Market Headlines
- After-hours earnings from Microsoft and Alphabet, with attention on AI products, enterprise adoption, and cloud revenue
- Stock moves on a takeover offer, a reported acquisition talks, and a Korean chipmaker's record results and buyback plans
- Commentary on caution within the AI trade and the case for looking at other sectors

■ Other Items
- Powerball jackpot figure and an upcoming CNBC election-and-economy coverage special

This report is aimed at investors and general business news followers who want a quick, broad snapshot of the day's market-moving stories. Watching it provides context on how monetary policy, energy prices, and tech earnings are intersecting, which can help viewers decide what to follow in fuller coverage throughout the day.