CNBC Business News Update - Market Close: Stocks Higher, Oil Ticking Higher, Sticker Shock As Gas Prices Hit Highest In More Than 2 Years 3/17/26

Episode Date: March 17, 2026

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I'm Jessica Eddinger, CNBC. Wall Street opens Wednesday morning after a second day in the green for the major averages. Although they couldn't hold the highs of the day, the Dow finished up 46 points led higher by shares of IBM, which were up 2.7%. The S&P 500 index added 16. The NASDAQ was up 105 points, about a half a percent. Major averages all still in the red for the year. InVIDIA shares, for the year. InVII index, index added 16. The NASDAQ was up 105 points, about a half a percent. Major average is all still in the red for the year. Nvidia shares finished lower down 7 tenths of 1% on Tuesday. Companies who shares at fresh all-time highs Tuesday include Centerpoint Energy, Duke Energy, Con Ed, Micron, and oil names Chevron and Exxon. U.S. crude oil prices started to head higher Tuesday afternoon from 94, back up to near $96 a barrel after another tanker was struck in the Middle East near the Strait of Hormuz. Here's Blue Line Futures Phil Stravel on CNBC. Traders are really going to be watching any kind of de-escalation signs.

That's where you can grind below 90, 85, 75. 67's the key level before the conflict began. Gasoline now up about 80 cents a gallon in 18 days, on average, according to AAA. That's about $14 more to fill the average SUV in the U.S. with an 18-gallon tank. If you're on a fixed income and you're spending an extra 50 cents gallon for gasoline, that's being taken directly out of your disposable income and you're able to consume less goods and less services. And so I think the American consumer today is feeling that. We are having economic consequences today. Former National Economic Council Director in the

First Trump administration, Gary Cohn, on CNBC, and it's not just lower income impact. Here's Capitol Welts, Kevin Simpson on CNBC. The part that scares me the most is the inflationary part. You know, I was at the pump the other day, and I haven't noticed the price of gas for years. And literally, I was pumping into an SUV, and it was almost $100. And I looked at the price, and I live in Naples, Florida, $4.99 a gallon.

Now, granted, I'm looking at 93, but that's impactful. AAA says the national average for a gallon of regular on Tuesday, $3.79, the highest in two and a half years. Diesel, which is what a lot of trucks use to get your food to the grocery store and other products moved. across the country. Diesel now more than $5 a gallon on average the highest in three and a half years. Delta Airlines raised its revenue outlook. It's been raising airfares for the past couple of weeks and flyers seem to be paying. First of all, jet fuel prices have almost doubled. That said,

the demand strength has been really great. Our consumer is really healthy. We live at the top end of that K that people talk about, the premium end of the K. We've seen eight of the top 10 sales days in our history this quarter and five of those just within the last two weeks even with fuel prices even with the war going on delta CEO at bastion on cnbc delta shares were higher the CEO talked about strong demand here's a take from vertis investments joe taranova on cnbc they benefited from a pull forward i think the pull forward came from the consumer recognizing smartly that prices will be much higher for those summer travel trips and they said let's get in front of that and book now Arizona charging prediction market Calci with running an illegal gambling operation in the state.

CNBC has a business relationship with Calci. On Wednesday's watch list, the Fed announces a decision on interest rates. Earnings are coming from General Mills, Macy's, Micron, and Five Below. Disney's new CEO, Josh DeMorrow, starts. I'm Jessica Eddinger, CNBC. CNBC Cures, defying rare disease. premieres Thursday, 7 Eastern.