CNBC Business News Update - Market Close: Stocks Plunge, Dow Enters Correction, US Crude Tops $100 Per Barrel 3/27/26

Episode Date: March 27, 2026

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I'm Jessica Eddinger, CNBC. Wall Street opens Monday morning after an ugly Friday sell-off for stocks. The Dow entering correction territory down 10% from its recent all-time high. It had its worst day since last October. That S&P 500 index is coming off its worst losing streak in four years. The NASDAQ just notched its worst week since the Trump tariffs were announced a year ago. Here are Friday's numbers. The Dow down almost 800 points, 1 and 3 quarters per cent. The S&P 500 index down 108 points, 1.5%. The NASDAQ fell 459 points, more than 2%. Year to date, the Dow is down 6%. The S&P 500 index down 7%. And the NASDAQ is down almost 10%. Prices go down. That means you go back in time.

We're sitting here trading at July 2025 prices. We're sitting just a few percent above the highs from before Liberation Day. That's February of 2025. CNBC's Mike Santoli, U.S. crude oil on Friday, topping $100 a barrel, as investors watch the war with Iran.

WTI, West Texas Intermediate, closing at $99.64 cents. Its highest close in almost four years. A month into the U.S. war on Iran, investors are now understanding some of the impact. The longer the duration, the greater the supply chain risks to the world. all the goods that go through the street. We think energy, and now we're understanding fertilizer,

almost a quarter of aluminum alloy goes through the street. Almost a quarter. That's a huge supply chain risk for things like auto production. If you have a cold beverage, perhaps you drink from a can. So there's helium for semiconductors. I mean, there are a lot of industries that are going to be a hit. That senior fellow at the Council on Foreign Relations, Rebecca Patterson on CNBC. Other countries are already feeling a massive,

oil crunch, especially Asia, but the U.S. could at some point, too. It's the biggest gap in energy supplies the world's ever seen. We are chewing through the spare buffer that we have coming into this conflict, and that buffer is going to fade away quickly. So the market, obviously, is pretty anxious. We have seen record oil and jet fuel prices in the east. This crisis is east of Suez. hasn't really infected the Atlantic Basin yet.

Places that don't have supply, they're already entering four-day work weeks, three-day work weeks, trying to move people, stay back home, work on Zoom and so on. But the reality of the matter is countries that don't have the fuel already in the process of rationing it, and the rest of us are going to have to get there very soon once that ticking clock runs out.

Bank of America's Francisco Blanche on CNBC. Insider trading questions? In a report from blockchain analysis firm TRM Labs, here's CNBC's Aiman Javvers in Washington. TRM says it identified four wallets that turned roughly $40,000 into $872,000 by betting on U.S. military action against Iran. These four wallets had largely never traded before and then came in at similar times to place a bet on when the U.S. would strike in Iran. Now, after collecting their winnings, TRM says all four swept their balances and haven't reentered the market. They say this behavior raises, quote, questions about potential coordination or shared information. But because the blockchain is anonymous, it's difficult to figure out who the individuals actually are.

I'm Jessica Eddinger, CNBC. Ambition. It's got America written all over it. CNBC live ambitiously.