CNBC Business News Update - Market Midday: Stocks Turn Mixed, President Trump Addresses America, Oil Up 5% 3/2/26

Episode Date: March 2, 2026

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I'm Jessica Eddinger, CNBC. Markets are mixed this afternoon. Some dip buyers getting in on stocks on sale on this first trading day of March. The Dow, only down 27 points. It had been down about 500 this morning. It is being led lower by shares of Home Depot, which are down 2%. The S&P 500 index is in the green, up three, and the NASDAQ is back in the green, up 100 points. shares of invidia are up more than 3%. Here's Vertus investments Joe Taranova on CNBC.

It is the MAG 7 that once again are coming to the rescue on a day like today. It is Apple. It is Nvidia moving higher. It's Microsoft. It's Alphabet. So if there is ultimately an equity safe haven, those names once again prove themselves to be exactly that. President Trump has spoken to the nation today after the weekend attack on Iran. for the four heroic American service members who have been killed in action and send our love and support to their families. In their memory, we continue this mission with ferocious, unyielding resolve to crush the threat.

This terrorist regime poses to the American people, and a threat indeed it is. The price of U.S. crude oil popped 5% today at more than $70 a barrel. Shares of oil producers are higher, but they're off their earlier pops. on mobile and Chevron, each up less than 1% this afternoon. Conoco Phillips up more than 2%. CNBC's Aymn Javers is in Washington.

The president thinks about oil and energy as the number one input to the economy, and his entire sort of economic policy is focused on the idea of drill-baby-drill, getting oil prices as low as possible, lower even than some of the oil companies want it to go. The president has looked at sort of oil

as the lifeblood of the global economy, as well in geopolitics. So this, you know, obviously, at least in the short term, runs counter to that with the spike in oil prices. Clearly the president concluded that it's worth paying that price in the short term to achieve his objectives in Iran in the long term. You may have seen prices at the pump tick higher this morning in the U.S., AAA says. The average price for a gallon of regular nationwide, now $2997, which is just about $3 a gallon now. That's up 13 cents over the pay. four weeks. Investors are also buying gold today.

It rose above $5,400 an ounce has pulled back a little. I have the huge gold bug. I've always had been. I think 5% of your money can be in gold. CNBC mad money host Jim Kramer. Paramount's Scream 7 was number one at the weekend box office, making the most money of any film in the franchise at $97 million globally for the open. Tomorrow, IHOP says it's national pancake.

day. Free short stack all day from 7 a.m. until 8 p.m. at night, you'll be asked to donate a little something to the nonprofit called Feeding America. Jessica Eddinger, CNBC. Turns out rare diseases aren't actually all that rare. As many as 400 million people around the globe are affected. Join me on Tuesday, March 3rd in New York City for the first annual CNBC Cure Summit. I'll be speaking with key players unlocking bold solutions in healthcare and exploring how we can transform the future of rare disease treatment. Get your ticket at CNBC Events.com slash cures.