Kevin Warsh, chairman of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, July 29, 2026. <\/p>\n
Al Drago | Bloomberg | Getty Images<\/p>\n
Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.<\/p>\n
Tensions in the Middle East are on the rise again, resurfacing worries about a prolonged conflict after President Donald Trump threatened to give Iran a “beating.” <\/p>\n
The Fed is witnessing a “fight” of its own, while investors flee Meta’s stock after the company’s disappointing guidance. <\/p>\n
What you need to know today<\/p>\n Events overnight raised the specter of a lot of fighting. The Fed members apparently fought amongst themselves, Trump warned of “beating” Iran, and investors pummeled Meta stock.<\/p>\n The U.S Federal Reserve held rates<\/a> unchanged in its meeting at 3.5%-3.75%, although the split 9-3 decision meant that not everyone was on board with the decision. <\/p>\n Fed Chairman Kevin Warsh<\/a> described it as a “family fight,”<\/a> saying “I asked for a good family fight, and I got one. That’s the purpose. That’s the design feature.” Warsh said that while the Fed won’t provide hints on where rate policy is heading, it will take necessary steps to meet its 2% inflation goal.<\/p>\n Bond yields jumped<\/a> following the meeting, while all three major indexes slid. The Dow Jones Industrial Average<\/a>\u00a0closed 1,153.18 points lower, or 2.19%, for its worst decline since April 2025.<\/p>\n Worries were not restricted to markets alone, as tensions in the Middle East rose, with U.S. Central Command striking Iran<\/a> in response to a surprise attack on Tuesday.<\/p>\n Trump had warned of heavy strikes<\/a> on Iran. “We’ll be hitting them hard. They’re going to get a beating,” he told a Fox News reporter<\/a>.<\/p>\n Trump’s warning and concerns over a prolonged conflict sent oil surging<\/a>, with Brent crude<\/a>\u00a0futures spiking 7.9% to close at $90.74 a barrel. U.S.\u00a0West Texas Intermediate\u00a0futures<\/a>\u00a0advanced 6.6% to settle at $84.46, before easing marginally in early Asia trade.<\/p>\n Meanwhile, investors gave a real hiding to Meta, which saw an almost 10% fall in its stock<\/a> after its second-quarter earnings missed estimates. The company’s guidance also disappointed, while free cash dwindled to $784 million in the quarter from $8.55 billion a year earlier.<\/p>\n But its not all bad in the tech space. Microsoft<\/a>\u00a0shares moved 7% higher in extended trading<\/a> on Wednesday after the software maker disclosed strong fiscal fourth-quarter revenue that beat expectations and called for steady 2026 capital expenditures.<\/p>\n \u2014 Lim Hui Jie<\/p>\n And finally…<\/p>\n