CNBC Business News Update - Market Close: Stocks Lower, US Crude Oil Rises To $91, United Airlines Raises Airfares 3/24/26

Episode Date: March 24, 2026

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I'm Jessica Eddinger. CNBC. Wall Street opens Wednesday morning after a volatile and losing Tuesday for the major averages. Oil prices were higher. The Dow was down 84 points. Salesforce shares let it lower. They were down 6%. The S&P 500 index down 24 points.

The NASDAQ fell 184 points. That was 8 tenths of a percent. Until we can get confirmation that we're moving in the right direction in Iran, markets are going to have a hard time actually rallying. That's sanctuary welts, Marianne Bartels on CNBC. Companies who shares hit fresh all-time highs Tuesday. One big industry group, Exxon, Chevron, Marathon Petroleum, and Phillips 66. U.S. crude oil is up about 3% to about $91 a barrel Tuesday.

Prices were up again at the pump. AAA says the national average, for a gallon of regular is now about $3.98. cents. Americans are paying at least a dollar more per gallon on average than they were a month ago. The experience of the average person is the things that they spend the most money on. Food, beef, up 18% year to date. And when people go to the pump right now, gas are much more expensive. That's UBS's Ali McCartney on CNBC. And when it comes to oil, Carlisles, Jeff Curry, tells CNBC Americans haven't seen higher oil prices yet. It takes some of the United. It takes some around three to four weeks to sail a ship from the Gulf into Europe or the U.S.

So when you think about how long it takes from the time when the disruption started, take four weeks from the early March, you're talking early April when you're going to feel it in places like Rotterdam and in the U.S. East Coast. And Jeff says the oil disruption is bigger than 1973 and 1979 combined for the U.S. Other countries are already stockpiling in case the war lasts. He spoke with CNBC's Kelly Evans. Do you think people who listen to this are going to panic and actually start stockpiling, even consumers perhaps? 100%, you're right.

That is going to be the reaction. Hoarding, precautionary, inventory, building, whatever you want to call it. When we look at consumers, I mean, you go back to the 70s. People were building fuel tanks in their backyards. This hoarding dynamic, it's underway. We estimate the impact on global demand is somewhere between 2 and 3 million barrels per day. Wow. Already in the current environment.

That's almost entirely focused. hoarding. United Airlines will continue raising airfares. CEO Scott Kirby talked with CNBC's Phil LeBoe. Do you foresee substantially higher fares this year from here, even after raising them? I think fairs will continue to go up in line with oil prices. I mean, in any business, but certainly in airlines, you've got to pass through the costs of the inputs. And that's our, you know, second biggest cost behind labor. It'll probably mean less flying as a result because there will be less demand. So there'll be less flying. That's part of what we're doing, get ahead of it with a 5% capacity reduction. Investors watching private credit cracks. Moody's has cut its rating on a fund

run by KKR and future standard to junk as bad loans grow. Some people trying to get their money out of Apollo Global and Ares are facing caps on how much they can withdraw. Epic games cutting about a thousand jobs as fewer people are playing its hit video game Fortnite. McDonald's new K-pop Demon Hunter's happy meals will be in restaurants next Tuesday, March 31st. On Wednesday's watch list, earnings are coming from chewy paychecks and RV maker Winnebago. Netflix hosts opening night Wednesday night for Major League Baseball with the Yankees and Giants playing to start the season. Jessica Eddinger, CNBC. April 15th, financial experts, investors, and policymakers gather in D.C. for conversations on America's economy.

CNBC's Invest in America for. request an invite at cnbc events.com slash invest.