CNBC Business News Update - Market Close: Stocks Sell Off, Oil Prices Higher, Airline Stocks Fall 3/5/26

Episode Date: March 5, 2026

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I'm Jessica Ettinger, CNBC. Wall Street opens Friday morning after an ugly trading day on Thursday. The war with Iran seemed getting bigger and wider. Iran says it attacked an oil tanker that spooked investors. The Dow had been down 1,000 points. It finished the day down 784, 1.5%. Goldman Sachs shares let it lower. They were down 3.5%.

The S&P 500 index down just 38 points. a half percent. The NASDAQ down 58. That was a recovery. Shares of NVIDIA finished in the green up a tenth of a percent. Everyone knows you buy the dips on these geopolitical events. You don't always just buy the absolute first dip that you're 3 percent from record highs. I think that's what we're trying to sort through. CNBC's Mike Santoli. Major averages are all in the red for the year. Oak Tree Capitals, Howard Marks, was asked on CNBC what investors should do about the war and the war. their money. Well, I can't spend much time thinking about the war from an investment point of view

because I have no idea what's going to happen. And this is not predictable. So I don't think there's anything intelligent for investors to do in reaction to the war except to not be Pollyanna and not be suicidal. Both of those things usually fail to work. Oil tankers are just sitting ducks at the straight of Hormuz not moving through. It's too dangerous. And when Iran announced it attacked one. The markets took another leg lower Thursday. U.S. crude topping $81 a barrel intraday, the highest since the summer of 2024 before pulling back a bit. But prices at the pump are higher inflicting more pain on American consumers already tired of inflation. AAA says you're now paying 25 cents more for a gallon of regular. That's just since Monday.

I was driving by a gas station yesterday. I think I was outside changing the number is 15 cents higher on unleaded fuel. So, you know, just ask anyone coming out of a Costco how they feel about inflation. They'll tell you it doesn't feel too good. J.P. Morgan's Bill Egan on CNBC. Here's gas buddies Patrick DeHan on CNBC. This is going to start adding up for Americans over the next seven days. I estimate that Americans collectively are going to be spending roughly $900 million more on gasoline than just a week ago. And as oil prices continue to go up, we could see the national average going up another 10 to 15, maybe even 20 cents a gallon over the next week or two.

Rising oil prices. prices hitting airlines. Here's CNBC's Phil LeBoe. It's not surprising that we see the airlines under pressure once again. Remember, the second largest cost for an airline after labor is jet fuel. And jet fuel prices are rising. That's the reason you see the largest U.S. airlines all down between basically five and seven percent. And here's the reason why spot jet fuel prices up 40 percent in the last week. On Friday's watch list, all eyes on jobs. The February employment. report will be out Friday morning. New in theaters, Warner Brothers the Bride and Disney's Hoppers.

Jessica Eddinger, CNBC. A massive wealth transfer is underway and women are leading the future of investing. With trillions at stake and markets rapidly changing, get the insights you need. I'm Contessa Brewer. Join me in person for CNBC Pro Live, Wealth for Women. May 28th at the NASDAQ market side in New York City. Get your tickets now at CNBCEvents.com slash wealth for women. CNBCEvents.com slash wealth for women.