CNBC Business News Update - Market Close: Stocks Higher, US Crude Oil Up 1%, Private Employment Picked Up In February 3/4/26

Episode Date: March 4, 2026

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Jessica Ettinger. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger, CNBC. Wall Street opens Thursday morning after a winning day for stocks, a rebound after the Middle East war sell-offs the past couple of days. The Dow up 238 points. A half percent, Amazon shares let it higher on Wednesday, up almost 4%. The S&P 500 index was up 52 points. The NASDAQ was up 290 points, 1.5%. Shares of Nvidia on Wednesday up 1.5.5. half percent. Companies who shares hit fresh all-time highs Wednesday include oil name Valero, discounter Ross Dress for Less, and J.B. Hunt transport. What the markets are saying is they're conditioned to these things. These things pop up every year. Russia, Ukraine, 2022, Silicon Valley, 2023. Last year, Liberation Day. Diversified portfolios work in this environment. As J.P. Morgan's Phil Camporelli on CNBC, U.S. crude oil did a little turnaround. on Wednesday. The price had fallen a little Wednesday morning, but then climbed up about 1% by Wednesday afternoon. This is U.S. crude now above $75 a barrel. But Carlisle Energy Pathways, Jeff Curry,

tells CNBC it could get much more expensive. The complacency of the market just doesn't make sense. The straits are shut right now. That's 20 million barrels a day. At most, that oil glut is, you know, 250, maybe 300 million barrels out there. You're going to burn through that in very, very short order. Yes, you know, there's a statement that the U.S. is going to help, you know, protect any convoys going through the strait, but even the military has questioned the capability of that. It's quite dangerous right now. Gas prices keep rising. You're paying 32 cents more for a gallon of regular at the pump than you were four weeks ago with a 20 cent pop in gas prices just since Monday. AAA says the national average for a gallon of regular, now $3.20.

The global oil problem that comes with war in the Middle East could easily push U.S. inflation even higher. I'm quite worried. Inflation could reach 4% on headline CPI. New worries and pressures from the actions in the Middle East, that's just going to push further up on inflation. That's Raymond James Larry Adam on CNBC. The U.S. attack on Iran sent mortgage rates higher, but not before some would-be-be-homebuyers locked in lower rates last week. Last week, mortgage rates hovered around a four-year low. That 5.99% seen as that emotional tipping point, and that had potential home buyers calling their lenders. Now, rates could take another run in either direction when we do get that all-important jobs report on Friday.

But for now, we're just hovering right above 6%. CNBC's Diana Ollick. Private employment picked up more than expected in February. 63,000 new jobs added in data from payroll firm ADP. and most of them were with businesses that had fewer than 20 employees. In construction and education and in healthcare, which has been now the new stalwart and from small businesses. In fact, very small businesses, one to 19 created 58,000 of those job gains. But this has been a very frozen labor market.

It's more defined by its low fire, low hire, inactivity than for its vigor. And most of those gains, they're low, pay. ADP chief economist Neela Richardson on CNBC. On Thursday's watch list, we get earnings from Costco, BJ's wholesale, Kroger, Burlington stores, and Gap. We also find out how many people applied for unemployment benefits last week. Jessica Eddinger, CNBC. Ambition.

It's got America written all over it. CNBC live ambitiously.