CNBC Business News Update - Market Midday: Stocks Higher, President Trump Says US & Iran Have Held "Productive" Talks, Oil Prices Fall 3/23/26

Episode Date: March 23, 2026

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I'm Jessica Eddinger. CNBC, President Trump said the U.S. and Iran have held productive talks and stocks and stocks are soaring on Wall Street, although the major averages are off their earlier highs. The Dow up 1.5%. 649 points. It had been up 1,000. The S&P 500 index up 80 points. That's 1.5%. And the NASDAQ is up 297 points. That's 1.5%. Shares of Invidi. are up 1.4% this afternoon. Here's CNBC's Sarah Eisen. Stocks are roaring back. The trigger President Trump coming out, first on social, then speaking to media reporters, that there have been productive steps in negotiating with Iran, a potential end to this war.

Oil prices are falling hard, down 10% on WTI, and treasuries are rallying. It's the whole anti-inflation trade really kicking in, and consumer discretionary stocks are getting the best, performance today, the travel names, those that would be sensitive to these higher gas prices. And a little more from CNBC's Aiman Javers in Washington. President Trump said this morning that he will delay bombing Iran's power plans for a five-day period based on talks that he said are being conducted with the top person in Iran without

naming that person. Now, Iranian state media bear in mind put out a statement this morning saying there have been no negotiations and describing all of this as President Trump simply backing down. Here's what the president said. We're doing a five-day period. We'll see how that goes. And if it goes well, we're going to end up with settling this. Otherwise, we just keep bombing our little hearts out. Now, in those comments to reporters, the president also said he envisions joint control of the Strait of Hormuz shared by, quote, me and the Ayatollah, whoever the next Ayatollah is. U.S. crude oil this afternoon, trading around $90 a barrel tumbling down from 98 earlier. prices at the pump went up again overnight by a penny.

AAA says the national average for a gallon of regular is now $3.95. Gas prices are up more than a dollar a gallon on average now from a month ago. Gold is plunging as investors leave the safe haven trade. The metal had a really long run up, but is now back to around where it was last Thanksgiving. About $4,300 an ounce. Chicago Fed President Austin Goulsby tells that. CNBC, whether the Fed raises or lowers interest rates has everything to do with inflation. If everybody starts expecting inflation is going to remain high, the price of gasoline specifically

has a very high impact on individuals' expectations of what inflation is going to be over the next year. To have already been operating at an inflation rate that was uncomfortably high and stuck well above the target. and now to add something that might be a lasting gasoline price shock, I think this is, as I say, an intense moment. And we have to hope that this does not prove to be a lasting impact on the economy. Walmart taking digital shelf labels that show an item's price to all of its stores, while some lawmakers are concerned that with the touch of a button, Walmart could engage in surge pricing for items,

even raising them only for certain hours of the day. Some states already have a ban on dynamic pricing. Digital tags reduce employee time spent updating paper tags. And Amazon had its biggest hit ever at the box office over the weekend since buying MGM with Project Hail Mary. Jessica Ettinger, CNBC. The all-new morning call. I'm Morgan Brennan, and this is your morning call.

5 a.m. Eastern, CNBC.