CNBC Midday Market Update: Stocks Mixed, Oil Surges, Fed Decision Ahead

A CNBC midday business news update hosted by Jessica Edinger covering the latest market moves, Federal Reserve expectations, geopolitical developments affecting oil, and key economic headlines shaping investor sentiment.

■ Markets & Fed
- Major averages mixed with the Dow higher, S&P 500 modestly up, and Nasdaq lower
- Chip stocks showing a split picture, with some names declining while others gain
- Deutsche Bank's outlook on midterm election performance and historical market rallies
- Federal Reserve interest rate decision expected with markets anticipating a hold

■ Energy & Geopolitics
- Oil prices spiking following Houthi attacks on Saudi Arabia's largest refinery
- Iran's potential response to US pressure and its impact on crude prices
- US crude approaching $102 per barrel and national gas price comparison year-over-year

■ Economy & Earnings
- Tech earnings preview: Microsoft and Alphabet reporting after the close
- Rising mortgage rates pushing adjustable-rate mortgage applications to a one-year high
- 30-year fixed mortgage rate at 7.33% compared with levels earlier this year
- Tonight's Powerball jackpot amount

This update is suited for investors and business news followers who want a concise snapshot of midday market activity and the macroeconomic factors influencing it. Viewers can quickly assess the day's key financial developments and prepare for upcoming events such as the Fed decision and major tech earnings.