CNBC Business News Update - Market MIdday: Stocks Lower, US Crude Rises To $95 A Barrel, Gas Prices Rose Again Overnight 3/13/26

Episode Date: March 13, 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 Eddinger. CNBC, a turnaround for stocks this afternoon. Major average is all in the red. The Dow now down two points being led lower by shares of Salesforce, which are down almost 3.5%. The S&P 500 index down 22 points. The NASDAQ falling 149 points. The major averages are all in the red for the year.

U.S. crude ticking up to about $95 a barrel. It was around $60 a barrel for most of January and February as Americans enjoyed lower prices at the pump before the Iran war. Gas prices went up again overnight by another $3 a gallon. AAA says the national average for a gallon of regular today, $3.63. As inflation-weary consumers have seen gas go up about $65 a gallon since the first attack on Iran two weeks ago tonight. Four weeks ago, the national average for gas was below $3 a gallon. Stockbroker.com's director of research, Jessica Inskip, spoke with CNBC's Contessa Brewer. I filled up my car and I paid 60 cents more week to week for the gas in my car.

I agree with you. I haven't paid attention to the pump as well as I fill up my car. And so when it's hitting consumers' pockets, we pay more attention to that. What is really concerning to me, though, the consumer is absolutely constrained at this point. So feeling something at the pump is going to have a much, much bigger impact. PCE inflation for January rose a little less than it did in December. The personal consumption expenditures report showed that year over year, though, when you take out volatile food and energy prices, inflation rose in January,

more than it did in January of last year. If we look at year over year comes in at 3.1.1. 1 tenth hotter than the rearview mirror. 3.1, the highest sits March of 24. That's CNBC's Rick Santelli. Here's CNBC senior economics reporter, Steve Leesman, with a take. Yeah, that was a big shocker to me. What we care about here, guys,

we care about what the economy was before we're heading into this new world where we figure out what the economy will be with these higher oil prices. Inflation by the Fed's preferred metric remains high, remains above target. up near 3%. Former Trump trade official Joe Livornia tells CNBC the economy will likely take a hit from the war in the Middle East. The biggest issue, though, as you know, is what's happening in commodity markets and energy because it takes what I believe is a very fundamentally solid economy. It's now cast doubt on it because there's nothing that will take liquidity away from households faster than higher gas and oil prices. U.S. economic growth in the fourth quarter of last year

was revised dramatically down, but there was a government shutdown in that time. Durable goods orders were roughly flat from December to January after a drop in December. These are orders for things made to last a long time, like washing machines or cars. New in theaters tonight, Universal's drama, romance, reminders of him and A24's horror, sci-fi thriller, undertone. Jessica Eddinger, CNBC. The Players Championship, live on Golf Channel.