CNBC Business News Update - Market Close: Stocks Lower, US Crude Soared Up 35% This Week, US Economy Lost Jobs In February 3/6/26

Episode Date: March 6, 2026

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I'm Jessica Eddinger, CNBC. Wall Street opens Monday morning after the U.S. attack on Iran sent oil prices soaring and stock prices plunging. On Friday, the Dow recovered from a near 1,000 point loss to finish down 453 points. led lower by shares of Caterpillar. For the week, the Dow is down 3%. The S&P 500 index on Friday, down 90 points for the week down 2%. The NASDAQ on Friday, following 361 points for the week, down more than 1%. Major averages are all lower now for the year, too. U.S. crude oil surging 35% since the U.S. attack on Iran. The biggest weekly gain since 1983, topping $91 a barrel on Friday before pulling back a bit. Several Middle Eastern countries warning they're running out of oil storage room with tankers not moving through the Straits of Hormuz. Oil production then could get shut down. There's nowhere to put it.

Sending oil prices higher. Here's Sanky researches Paul Sanky on CNBC heading into the weekend. On Monday, we said that if they don't get it open by Friday, we have a major, major problem. And last time I checked today is Friday. Here's RBC's Halima Croft on CNBC. We have no indication going into next week that we're going to see significant movement in the straits. We are back to hit that psychological pain point of $4 a gallon. So I think the real question is, if you are sitting in the White House and you're going to,

you are very focused on your affordability agenda, when do you start saying that the economic cost may lead you to scale back your political ambitions? A take now from Short Hills Capital, Steve Weiss on CNBC. I have to believe the president is looking at this as he does. He pays attention to the market, pays tension to the polls and saying maybe we've got to get out of here sooner. Prices at the pump jumped on Friday up 32 cents a gallon from the start of the week on average, according to AAA. That's about six bucks extra to fill the average SUV in America with an 18 to 20 gallon tank. Rosenberg researches David Rosenberg says Americans may have to use their tax refund money this spring, just to pay to fill their tanks.

Now it's a really good thing. We're going to get those income tax refunds because the consumer sector is going to need it just to stay intact, not to go on vacations or buy luxury goods and services. Retail sales fell in January as U.S. consumers pulled back on spending, extending the sluggish, spending from the end of last year. Maybe people aren't spending because they're worried about their jobs. The February jobs report surprised to the downside as businesses shed jobs last month. No job growth at all. It was the third time in five months that the economy lost jobs. It was a bummer, the headline, down 92,000 jobs.

So a negative number on the jobs print. expectation was around 50,000 jobs. So we're not talking about high expectations of big job growth because of what we've seen in terms of the slowdown in jobs. But this one really went negative. And I think that was a big surprise to people. And it shows you, you know, where we've been over the last few months or so. It's, it's been a sluggish environment for job creation. The unemployment rate goes up to 4.4%. CNBC's Sarah Eisen. On the coming week's watch list, we get earnings from a big tech name, Oracle, and more retail. tailors like Coles, Dicks, Petco, and Alta Beauty, and a name a lot of people didn't know until last week. Defense Dronemaker AeroVironment. Jessica Eddinger, CNBC. CNBC is the network for ambitious people. Ambition. It's got America written all over it.