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

In a surprising collaboration, investment mogul Warren Buffett has joined forces with NBA superstar Stephen Curry to breathe new life into his renowned charity lunch initiative. This partnership is generating buzz as stock futures show a positive trend this morning. Yesterday, the S&P 500 wrapped up its trading just shy of correction territory, marking a challenging month for Wall Street. Investors are grappling with a surge in crude oil prices, exacerbated by ongoing tensions in the U.S.-Iran war. Today, the average gas price in the U.S. has reached $4 per gallon for the first time since 2022, compounding the difficulties faced by the market. Federal Reserve Chair Jerome Powell addressed these concerns during a talk at Harvard University, reassuring investors that the inflation outlook remains stable. He emphasized that the central bank is unlikely to raise interest rates in response to rising oil prices. Powell stated that the current rate target is appropriately set as the Fed monitors the economic impacts of the conflict and related tariffs. Following his remarks, the odds of an impending rate hike significantly diminished among traders. In related news, Federal Reserve Governor Stephen Miran indicated that policymakers might overlook the recent jump in energy prices, citing no indications of a wage-price spiral or inflation expectations that would necessitate immediate action. In the real estate sector, Opendoor is set to acquire portions of Doma, a technology company focused on making real estate transactions more affordable through artificial intelligence. This acquisition includes Doma's closing and escrow services and aims to reduce mortgage refinance costs amid declining refinancing applications, exacerbated by rising mortgage rates linked to the Iran conflict. Novo Nordisk has also made headlines by introducing multi-month subscriptions for its weight loss medication, Wegovy. The new subscription model allows eligible patients to choose from three, six, or twelve-month plans, potentially leading to significant savings on monthly costs. This move comes as Novo Nordisk seeks to compete with Eli Lilly, which currently dominates the GLP-1 market in the U.S. with a 60% market share. On the travel front, JetBlue is raising fees for checked luggage by a minimum of $4 due to increased fuel costs. The airline stated that such price hikes are regrettable but necessary. This trend of passing costs onto consumers is not isolated to airlines; manufacturers in China are also warning of potential price increases and product shortages in the U.S. if the Strait of Hormuz remains blocked for an extended period. Stay tuned for more updates on these significant developments that are shaping the market landscape.