CNBC Business News Update - Market Close: Stocks Mixed, Oil Up Nearly 7% After US Attack On Iran, Prices At The Pump Tick Higher 3/2/26

Episode Date: March 2, 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 Ettinger. CNBC. It looked like March was going to start like a lion with the red on the screen Monday morning by Monday afternoon, maybe more like a lamb. Markets were mixed after the U.S. attacked Iran over the weekend. The Dow only fell 73 points by the close. It had been down 600 points. The S&P 500 index was in the green up two points. The NASDAQ rose 80 points on Monday. Shares of Nvidia were higher, too. They were up almost 3%. Companies whose shares hit all-time highs on Friday include energy names Exxon, Chevron, and Valero. Plus, defense names like Lockheed Martin,

Raytheon RTFs, and Northrop Grumman, along with McDonald's Johnson and Johnson and Travelers. The market at this point is building in an expectation that this is not going to be either long-lasting or particularly disruptive, whether through the oil price or trade flows or anything like that. CNBC's Mike Santoli. The head of the world's biggest bank, J.P. Morgan Chase, told CNBC

that his bank absolutely could be an Iranian target after the U.S. attacked Iran over the weekend. You've got to expect there'll be cyber attacks or terrorist attacks either here around the world. Banks may be targeted somebody, you know, plenty of other people. And we always try to be prepared for that. We never try to predict when, why, where. We spend a lot of money protecting ourselves for society. We think it's part of our job. But I've always said, I would consider that one of the highest risk banks bear.

JPMorgan's CEO, Jamie Diamond, on CNBC. Oil is a worry since a fifth of the world's oil moves through the straight of Hormuz. And it's not moving now. Here's RBC's Halima Croft with CNBC's Brian Sullivan. Are you surprised oil and gas are only up 6%? I think a lot of people in this market still believe it's a short conflict. The White House, I think, has been messaging that this will be, short that they will have this under control soon. And so the question is, are we multi-day or

multi-week? That cannot remain a parking lot in the Strait of Hormuz for a multi-week period. And the president is watching oil. CNBC's Aiman Javers in Washington. The president thinks about oil and energy as the number one input to the economy and his entire sort of economic policy, drill baby drill, getting oil prices as low as possible, lower even than some of the oil companies want it to go. The president has looked at sort of oil as the lifeblood of the global economy as well in geopolitics. So this, you know, obviously at least in the short term, runs counter to that with a spike in oil prices. Clearly the president concluded that it's worth paying that price in the short term to achieve his objectives in Iran in the long term.

Higher oil prices mean higher prices at the pump for you. General rule of thumb is for every $1 barrel increase in crude. There's a rise in gas prices of two to $2.5 per gallon. In other words, consumer feels it. CNBC's Sarah Eisen. Gas prices ticked higher Monday, AAA saying the national average for a gallon of regular hitting $3. Gas is up about 13 cents a gallon over the past four weeks. Investors also buying gold. It rose above $5,400 an ounce, but pulled back a little. Paramount planning to combine HBO Max and Paramount Plus into one streaming service.

After Paramount completes the purchase of HBO, Parent Warner Brothers. discovery. IHOP says Tuesday is National Pancake Day with a free short stack all day from 7 a.m. until 8 p.m. You'll be asked to donate a little something to the nonprofit feeding America. Also on Tuesday's watch list, lots of earnings, especially from retailers' Target, Best Buy, AutoZone, and Ross dress for less. Jessica Ettinger, CNBC.