Happening Now — September 17, 2026: Fed Hike, AI Backlash, Kelce Ponzi Scheme

Overview

At this moment, Thursday, September 17th. In pre-market trading, S&P 500 futures are pointing to a lower open, trading at 7,551.81, down 0.45%. Nasdaq futures are nearly flat at 25,978.42, while Dow futures are down 1.21% at 51,461.90. In the bond market, the US 10-yr UST yield is holding at 5.01%. Volatility is tickin

In this show

• At this moment, Thursday, September 17th. In pre-market trading, S&P 500 futures are pointing to a lower open, trading at 7,551.81, down 0.45%. Nasdaq futures are nearly flat at 25,978.42, while Dow futures are down 1.21% at 51,461.90. In the bond market, the US 10-yr UST yield is holding at 5.01%. Volatility is ticking higher, with the VIX at 17.29. In commodities, WTI crude is at $101.93 a barrel and Gold is trading up at $4,328.39. In crypto, Bitcoin is holding gains at $76,379.10. With us today are our Markets and World correspondents. We begin with the top stories breaking now.
• Across the wires this hour, the Federal Reserve makes its move on interest rates, raising its benchmark by 25 basis points to combat inflation. We're also tracking a major potential partnership in the semiconductor space, with South Korean chipmaker SK Hynix in talks with Intel for US-based manufacturing. And in Los Angeles, a motorist has been arrested on murder charges in connection with a fatal bus collision that killed at least two people and injured six others. We'll have more details on these stories throughout the hour.
• The Federal Reserve has just increased its benchmark interest rate by 25 basis points. This brings the new target range to 3.75%-4.00%. In his statement, Fed Chair Kevin Warsh cited persistently high inflation as the primary driver for the decision. He also signaled that the committee is not necessarily done for the year, indicating that another rate hike is possible before December. The move was widely anticipated, but markets are now parsing the Chair's language for clues about the path forward into 2027.
• The creator of a Texas-based investment company has been sentenced to 11 years in federal prison for a $35 million Ponzi scheme. The scheme defrauded a total of 64 victims, a list that notably includes Kansas City Chiefs tight end Travis Kelce. Prosecutors detailed how the fraudulent operation used new investor money to pay off earlier investors, a classic Ponzi structure that eventually collapsed. The sentencing marks the conclusion of a high-profile case that has drawn attention to the financial vulnerabilities of professional athletes.
• A significant development in the push for domestic chip production: South Korean memory chip giant SK Hynix is reportedly in discussions with Intel. The potential deal would see SK Hynix manufacture advanced memory chips in the United States for the first time. This move aligns directly with recent US government initiatives and funding aimed at bolstering the domestic semiconductor supply chain and reducing reliance on overseas manufacturing. Details of the potential partnership, including location and investment size, are still under negotiation.
• A rare point of bipartisan agreement is emerging in the United States, centered on a backlash against artificial intelligence. From small towns to major cities, communities are increasingly resisting the development of massive data centers due to concerns over energy and water consumption. At the same time, a growing call for government regulation of AI is being placed in historical context, comparing it to past societal responses to transformative technologies. This unified opposition highlights widespread public anxiety over privacy, surveillance, and the unchecked expansion of AI.
• In a bid to capture a larger audience of homeowners and industry professionals, a major financial news portal has launched a new, dedicated online hub for real estate. The new section aims to be a one-stop shop, providing comprehensive coverage of the housing market. It will feature real-time data, in-depth analysis of market trends, and expert commentary. The platform is designed to serve both casual consumers looking to buy or sell a home and real estate professionals seeking deeper market intelligence and insights.
• Buckingham Palace has issued a formal rejection of claims made in a new memoir by Earl Spencer, the brother of the late Princess Diana. The Palace released a statement addressing the allegations, suggesting that 'fraternal grief can cloud reason, affect judgment and colour memory.' While the specific claims being refuted were not detailed in the statement, the public response from the Palace is a rare move, indicating the sensitivity of the content within the Earl's much-anticipated book.
• In Los Angeles, 36-year-old Bailee Lynn Rios has been arrested and is facing murder charges following a fatal bus collision. Authorities allege Rios was the motorist responsible for the crash that killed at least two people and left six others injured. The incident had a tragic aftermath, as a news helicopter covering the scene also crashed, resulting in three additional fatalities. The investigation into both the initial collision and the subsequent helicopter crash is ongoing.
• An overnight shooting in Prince George's County, Maryland, has left one woman injured. Following the shooting, the suspect barricaded themselves, leading to a standoff with law enforcement that lasted for hours. Authorities have now confirmed that the suspect is in custody, bringing an end to the tense situation. The condition of the injured woman has not yet been released, and the investigation into the motive for the shooting is just beginning.
• The Food and Drug Administration has issued a recall for a brand of hand soap sold in 15 states due to potential bacterial contamination. The federal agency is urging consumers to check their products for specific lot numbers and to discontinue use immediately if they have purchased the recalled item. This action was taken after routine testing discovered the contamination, which could pose a risk to certain individuals. A full list of the affected products is being made available on the agency's website.
• Generac Holdings is today's standout, soaring more than 33% to trade around $234. The massive jump comes after the company announced a deal to supply Amazon's data centers with backup power generators, an agreement worth an initial $2.4 billion and potentially up to $8 billion. This deal significantly boosts Generac's backlog, which already stood at $1.6 billion, solidifying its growth trajectory in the hyperscale data center market.
• J.B. Hunt Transport Services is trading down more than 13% to about $237 a share. The logistics giant warned investors that its third-quarter profitability will be pressured by rising costs, including an estimated $25 million in additional driver expenses and over $10 million from higher fuel prices. This news is raising concerns about margin pressure across the entire trucking sector.
• Diamondback Energy is down about 8% today, trading near $195. The drop follows news that its largest shareholder sold a nearly $2 billion block of stock, creating significant selling pressure. The move comes as the broader energy sector also faces headwinds from falling crude oil prices, compounding the negative sentiment for the Permian-focused producer.
• As we head into the US market open, all eyes will be on the reaction to the Fed's rate hike and Chair Warsh's commentary. We'll be watching for any further developments in the SK Hynix and Intel talks as well. Later tonight, our attention turns to the NFL, where two undefeated teams face off. The 1-0 Detroit Lions visit the 1-0 Buffalo Bills for Thursday Night Football. The game is scheduled for an 8:15 PM ET kickoff and will be a key early-season test for both teams. Stay with us, we'll be back this afternoon with more.