Wall Street's rough month, Powell's inflation outlook, GLP-1 subscription and more in Morning Squawk

• All three major indexes are on track for worst monthly and quarterly losses since 2022; oil futures crossed $100/barrel while the VIX 'fear gauge' has more than doubled in 2026
• Fed Chair Powell stated the inflation outlook remains stable and ruled out rate hikes due to oil prices, causing trader rate hike expectations to fall sharply
• Companies are raising prices to offset costs: JetBlue increased fares by at least $4, while Chinese manufacturers warn Americans will pay 'a lot more' and potential product shortages loom if the Strait of Hormuz remains blocked

Market Summary: Wall Street Turbulence Amid Oil Surge and Geopolitical Crisis

Market Performance:

Wall Street is closing out a brutal March with all three major indexes tracking toward their worst monthly and quarterly losses since 2022. The market downturn has been driven by surging crude oil prices amid the U.S.-Iran war. The VIX volatility index has jumped over 50% in March and more than doubled in 2026. However, stock futures rose on reports that President Trump may be willing to end the conflict even with the Strait of Hormuz remaining blocked.

Energy Markets:

U.S. gas prices have exceeded pre-pandemic levels for the first time since 2022. WTI crude oil May futures settled above $100, posting their largest monthly advance in nearly six years. Brent crude futures surged approximately 55% in March, potentially marking the benchmark's biggest monthly gain on record. Conversely, gold and silver tumbled over 13% and 24%, respectively, as investors exited precious metals.

Federal Reserve:

Fed Chair Jerome Powell reassured markets that rate hikes are off the table despite oil price spikes, describing the inflation outlook as stable. He indicated current rates are appropriate while the Fed monitors war and tariff impacts. Fed Governor Stephen Miran echoed this dovish stance, seeing no signs of wage-price spirals.

Corporate News:

• Novo Nordisk launched subscription pricing for Wegovy (3, 6, or 12-month options) to compete with Eli Lilly, which holds 60% of the U.S. GLP-1 market
• Opendoor is acquiring parts of Doma to reduce mortgage refinancing costs
• JetBlue is raising baggage fees by at least $4 due to fuel costs

Consumer Impact:

Businesses are increasingly passing costs to consumers, with potential product shortages looming if shipping disruptions persist.