CNBC Business News Update - Market Close: Stocks Higher, US Crude Oil Falls Below $90 Per Barrel, Farmers Look To Washington For Help 3/23/26

Episode Date: March 23, 2026

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I'm Jessica Eddinger, CNBC. Wall Street opens Tuesday morning following a Monday rally for stocks. After President Trump said the U.S. and Iran have held productive talks, the Speaker of the Iranian Parliament denies any talks took place. But the markets liked it, and the Dow was up 631 points, 1.3% led higher by shares of 3M, which were up almost 4%. The S&P 500 Index added 74 points, a little more than 1%. and the NASDAQ was up 299 points, 1.3%. Shares of NVIDIA were higher by 1.7%. President Trump announced a five-day postponement of strikes on Iranian energy sites. President Trump told reporters that his administration is in contact with Iranians,

who he says are very representative of the country in talks that went late into Sunday evening. And that's why he's suspending his own deadline of today for the bombing of Iranian power plans, offering a five-day extension on that deadline. But we did see the Speaker of the Iranian Parliament post a denial on social media today that any such negotiations had taken place and describing the president's comments as fake news used to manipulate financial and oil markets.

That's CNBC's Aiman Javers, a take from Atlantic Council Director Jonathan Panikoff on CNBC. President Trump's decision is a five-day extension on some of the infrastructure. It's not a permanent one that we're not going to hit the infrastructure or that the Israelis may not. So we've got some time to go, but clearly there's been some progress, and it's obviously helping, especially on the markets and the energy sector. U.S. crude oil fell below $90 a barrel Monday to $88 on the hope the straight of Hormuz will soon

open to safely allow tankers to move through about 20% of the global oil supply is stuck there. Oil prices pulled back, but it will take some time until prices at the pump might do the same. Gasoline prices are climbing fast with the national average now nearing four bucks a gallon. According to AAA, prices have reached their highest level since August of 2022. It was $2.94 a gallon just last month. That's CNBC's Dominic Chu. Former SEC Chairman Gary Gensler tells CNBC the Trump administration knows high gas prices are a problem. In an election season, it's never good for the incumbents when you have higher energy prices.

And I think that's starting to probably wear on the American public. American farmers are looking for help from Washington in the defense spending bill because fertilizer is necessary and it's a global product. And a lot of it is held up in the Middle East, pushing prices way up for everyone right now as planting season begins. The economic challenges in agriculture don't just start today because of what's happened in the Strait of Hormuz. We've seen record inflation on the input side. Every single input cost that farmers pay to put a crop in the ground is higher today than what it was four or five years ago. So that cost price squeeze continues to impact farmers. Farmers have been operating in the red for several years in a row now.

That's the American Farm Bureau's John Newton on CNBC. Gold has given up all of its gains for the year after a substantial run-up at about $4,400 an ounce Monday. Airline stocks were higher as the price of oil fell. mortgage rates at 6.5% Monday, according to Mortgage News Daily, for a 30-year fixed home loan. On Tuesday's watch list, we get the latest on productivity. The NBA holds a vote to explore adding expansion teams in Las Vegas and Seattle. Jessica Eddinger, CNBC. The all-new morning call.

I'm Morgan Brennan, and this is your morning call. 5 a.m. Eastern CNBC.