Wall Street’s tough month, Powell’s inflation outlook, GLP-1 investment and more on Morning Squawk.

Happy Tuesday. In a partnership you may not have seen coming, Warren Buffett is teaming up with the NBA’s Stephen Curry to launch his own charity lunch.

Stock futures are rising this morning. The S&P 500 finished yesterday’s meeting in the farthest corner of the correctional facility.

Here are five important things investors need to know to start the trading day:

The average price of gas in the US today reached $ 4 per gallon for the first time since 2022. It is an unacceptable development as Wall Street closes a difficult month that saw stocks hit by the rise in the price of crude oil during the US-Iran war.

Here’s how stocks and commodities fared in March, with one trading day left in the month:

• The three major indexes are on track for their worst monthly and quarterly losses since 2022. Dow Jones industrial average is also on track to end a 10-month winning streak.
• The CBOE Volatility Indexknown as Wall Street’s fear gauge, gained more than 50% in March. It has more than doubled by 2026.
• US West Texas IntermediateMay futures are on track for their biggest monthly advance in nearly 6 years. WTI yesterday sat above the $100 mark for the first time since 2022.
• Brent futures, an international benchmark, are up 55% this month. If those gains hold today, they will be the biggest monthly gains on record.
• In contrast, gold and silver fell more than 13% and 24%, respectively, as investors rushed out of the precious metals after their monster rallies.
• Stock futures rose this morning after a report that President Donald Trump has told aides that he is committed to ending the war even as the Strait of Hormuz remains largely closed.
• Follow market updates here.

Federal Reserve Chairman Jerome Powell yesterday offered encouragement to investors who are worried that rising oil prices could lead to higher interest rates. Speaking at Harvard University, Powell said he sees the outlook for inflation as stable, which means the central bank will not need to increase borrowing costs due to oil prices.

The Fed chief also said he believes the current target is a “good place” for the Fed as it waits to see how the war and tariffs affect prices. Estimates of a rate hike among traders fell sharply after Powell’s appearance.

Meanwhile, Fed Governor Stephen Miran told CNBC yesterday that investors can ignore the increase in energy prices and lower rates. Miran says he has seen no signs of rising wages or rising inflation expectations that would cause him to worry about cost neutrality.

Opendoor is acquiring parts of Doma, a real estate technology company that uses artificial intelligence to make closings easier. As CNBC’s Diana Olick reports, Opendoor will be taking over Doma’s lock-and-ride business.

The sale – an effort to lower the cost of refinancing – comes as the real estate industry sees a drop in refinancing applications. The Iran war has caused a sharp rise in interest rates.

Novo Nordisk is launching multi-month Wegovy subscriptions as it hopes to continue Eli Lilly in the race to win GLP-1 users.

The drug maker said this morning that eligible patients can choose three-, six- or 12-month subscriptions for injections or doses of the new Wegovy pill. As CNBC’s Annika Kim Constantino reports, long-term packages have lower monthly prices, which can lead to hundreds of dollars in savings for users.

The announcement of the offering comes as Novo prepares for a new oral GLP-1 from rival Eli Lilly, expected later this year. Eli Lilly currently leads the popular GLP-1 market in the US with an estimated 60% share.

JetBlue Checked backpacks charge at least $4 as they face higher fuel costs. The New York-based property developer said price increases were “never appropriate” and making such changes “is not necessary.”

It’s not just an example of businesses passing costs on to consumers. In China, makers of everything from pickleball paddles to gloves told CNBC’s Eunice Yoon that Americans should be prepared to pay more. Some traders warn that the US could start to see a shortage of products if the Strait of Hormuz remains closed for too long.

CNBC’s Matt Peterson recently spoke with Tyler Goodspeed, who led the White House Council of Economic Advisers in the first Trump administration. Read the full Q&A here.

– CNBC’s Sean Conlon, Spencer Kimball, Lisa Han, Jeff Cox, Diana Olick, Annika Kim Constantino, Leslie Josephs, Eunice Yoon and Matt Peterson contributed to this report. Josephine Rozzelle edited this issue.