CNBC Business News Update - Market Close: Stocks Higher, Oil Prices Lower, Airline CEO Ask Lawmakers To Fund DHS So TSA Workers Can Get Paid 3/16/26

Episode Date: March 16, 2026

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I'm Jessica Eddinger, CNBC. Wall Street opens Tuesday morning after a winning start to the new week of trading. Oil prices pulled back. Investors liked that. The Dow was up 387 points, 8 tenths of a percent. Salesforce shares led it higher. They were up 2.8 percent on Monday. The S&P 500 index finished up 67 points. That was 1%. The NASDAQ added 268 points, 1 and a quarter percent. checking shares of invidia on Monday up one and a half percent. Oil prices pulled back as the Trump administration flipped the script and said it allowed ships to move through the Strait of Hormuz a handful in the Middle East to supply China and other Asian countries with perhaps Iranian oil rather than attack those ships. We are seeing more and more the fuel ships start to go through. The Iranian ships have been getting out already and we will.

let that happen to supply the rest of the world. We've seen Indian ships go out now. We believe some Chinese ships have gone out. Treasury Secretary Scott Besson speaking with CNBC in Paris. Here's CNBC's Pippa Stevens. So oil is retreating with some ships moving through the strait of Hormuz. The U.S. has led Iranian ships through to, quote, supply the rest of the world. CIBC private Welsh Rebecca Babin said it offers the market a degree of relief that the worst-case scenario

may be avoided. Oil with a slight pullback Monday, but prices at the pump have been steadily rising since the first attack on Iran by the U.S. more than two weeks ago. AAA says the national average for a gallon of regular as of Monday, $3.72. That's about an extra 80 cents a gallon since the war began. For the average American with an SUV that has an 18 to 20 gallon tank, that's about an extra $14 every time that consumer has to fill up. NVIDIA CEO Jensen Wong speaking at NVIDIA's GTC conference Monday now saying the company's order backlog for chips is at a trillion dollars. Shares popped 4% on that comment.

The Fed starts a two-day meeting on interest rates Tuesday. It's widely expected to hold rates steady, but investors are watching. The oil price shock is one thing, and we're following the news just as closely as everyone else just to see how long this disruption is going to last. But I think what we would be more nervous about is if this energy price shock feeds into an interest rate shock. If the market has to start pricing Fed hikes, that could be a much more substantial headwind for risk markets. That's J.P. Morgan's Jacob Manukian on CNBC. Airline CEOs are calling for lawmakers to fund the Department of Homeland Security and start paying TSA security workers. Their passengers have been waiting in extremely long,

in some places to pass through security because so many TSA agents aren't showing up for work. When they missed their first paycheck last week, a lot of people said, well, this is when you start to see the problems. TSA agents who make the decision, look, if I'm not getting paid, I'm not going to come into work. That's why the airline CEOs posted this letter to lawmakers in Washington. Basically, it says, get these guys the pay they deserve so they can do their job. Fixed DHS funding. Too many travelers are having to wait extraordinarily long and painfully. slow lines at checkpoints, wait times of two, three, even four hours have been reported. CNBC's Phil LeBoe.

On Tuesday's watch list, the Fed begins that two-day meeting on interest rates. Earnings are coming from struggling retailer Lulu Lemon. It's Disney CEO's Bob Iger's last day on the job and it's St. Patrick's Day. Jessica Eddinger, CNBC. CNBC Cures Defying Rare Disease, Premier's Thursday, 7 Eastern. Thank you.