CNBC Business News Update - Market Midday: Stocks Sell Off, Dow Falls 1000 Points, US Crude Highest In Nearly 2 Years 3/5/26

Episode Date: March 5, 2026

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I'm Jessica Eddinger, CNBC. Wall Street selling off in this last hour of trading. It's an ugly afternoon. The war with Iran is seen as getting worse and wider. Iran attacked and oil tanker spooking investors. The Dow down 1,065 points, more than 2%. Caterpillar shares leading it lower. They're down 5%. The S&P 500 index down 83 points. That's about 1.5%. The NASDAQ, down 240%. Down 240. 40 points 1%. Shares of NVIDIA are down a little more than 1% this afternoon. Everyone knows you buy the dips on these geopolitical events. You don't always just buy the absolute first dip that you're 3% 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 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 reactions at 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 Strait 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 feet. 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. oil prices hitting some industry groups. Here's CNBC's Dominic Chu. Shares of some of the biggest airline operators are taking bigger hits from the ongoing travel disruptions caused by the conflict in the Middle East alongside those rising oil prices and of course the resulting fuel cost issues for those airlines. United, Delta, Southwest, American, all down roughly 5 to 7 percent. And those economic slowdown fears hitting these economically sensitive or cyclical industries look at names like Sherwin Williams, Martin Marietta, PPG, DuPont, others, all downside laggers.

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 Edinger, 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 site in New York City.

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