CNBC Business News Update - Market Midday: Stocks Lower, US Crude Tops 90 Dollars A Barrel, US Lost Jobs In February 3/6/26

Episode Date: March 6, 2026

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I'm Jessica Eddinger, CNBC. Major averages selling off this afternoon, although they're off their earlier lows. The start of the Middle East War has sent oil prices soaring, stock prices plunging. The Dow down 613 points this afternoon, 1.5%. 3M shares leading it lower. They're down 2.5%. The S&P 500 index is down 75 points. That's 1%. The NASDAQ falling, 210 points, just about 1%. percent. Shares of invidia giving up 1 percent this afternoon. Major averages are on pace for a losing week. They're all lower year to date. Qatar warned that the war in the Middle East could shut down its oil production and drive oil much higher.

U.S. crude is now topped $90 a barrel today. Here's a take from Short Hills Capital, Steve Weiss on CNBC. I have to believe the president is looking at this as he does. He pays attention to the market, pays attention to the public. and saying, maybe we've got to get out of here sooner. Now, oil and jobs are an issue because when they shut production, because the tanks are filled, it takes a while to start it up. So you could see an extended inflationary bump. Prices at the pump today up 32 cents a gallon from the start of the week, on average. According to AAA, that's about six bucks extra to fill the average SUV in America with an 18 to 20 gallon tank.

How long is this going to last and hit the budgets of average? Americans? A very pro-energy drill-baby drill president is likely to feel a lot of pressure from Americans as they go to the gas pump and start seeing these three-handle prices. I would expect that that pressure would probably translate into more attention on the Strait of Hormuz. But the biggest question is against an armada of cheap drones, what can the U.S. really do to be effective at boosting confidence of transiting the Strait of Hormuz? I think that's the biggest question. Gas buddies Patrick DeHan on CNBC. And Rosenberg researches, David Rosenberg says Americans may have to use their tax refund money this spring to fill their tanks with oil soaring.

It's really a question as to, you know, how long it's going to stay there. There's no question that it's not just the move, but the rapidity of the move. Now it's a really good thing. We're going to get those income tax refunds because the consumer sector is going to need it just to stay intact, not to go on vacations or buy luxury goods and services. Retail sales fell in January as you. U.S. consumers pulled back on spending, extending the sluggish spending from the end of last year. Maybe people aren't spending because they're worried about their job.

The February jobs report, surprised to the downside businesses, shed jobs last month. No job growth at all. It was a bummer, the headline, down 92,000 jobs. So a negative number on the jobs print. The expectation was around 50,000 jobs. So we're not talking about high expectations of big job growth because of what we've seen in terms of a slowdown in jobs, but this one really went negative. And I think that was a big surprise to people. And it shows you, you know, where we've been over the last few months or so. It's

been a sluggish environment for job creation. The unemployment rate goes up to 4.4%. CNBC's Sarah Eisen. Jessica Eddinger, CNBC. CNBC is the network for ambitious people. Ambition. It's got America written all over it.