CNBC Business News Update - Market Open: Stocks Plunge, Investors Worried US War In Iran Will Drag On, Oil Prices Soar And Gas Prices Popped Higher Overnight 3/3/26

Episode Date: March 3, 2026

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I'm Jessica Eddinger. CNBC, an ugly morning on Wall Street out of the gate as the U.S. war on Iran widens in the Middle East and investors fear that it'll just drag on. The Dow down 975 points, 2%. The S&P 500 index down 122 points. That's almost 2%. And the NASDAQ down 442 points. That's just about 2%. Only one name in the Dow. Jones 30 industrials is in the green this morning, and that's Verizon. Shears of Nvidia down more than 2%. Everybody was so bullish yesterday that it was just going to be over fast. I don't want to get to the point where we say, hey, listen, now it's going to be pulling more. They have drones all over the place because we are taking out their drones. That's part of the U.S. plan.

It's just that there's so many drones, you have to say, okay, well, let's recalculate. And the recalculation is what's happening today in the stockpillar. Mad Money host Jim Kramer on CNBC. Here's Blank Shine Wealth's Robert Schein on CNBC. Right now, the market is absolutely selling off for good reason because of all of the uncertainty that's building up overnight and it's on the oil trade as well. Ironsides, macroeconomics Barry Knapp tells CNBC

that last year's drag on the economy could very well continue. There's a big resetting in this idea that growth is going to run hot. During the course of 25, consumption of goods, slowed from 5% growth to zero. Services consumption went from three and a half to one seven. So we did have a decided slowdown in consumption. So you already had a slowdown. And then if you do have a significant sustainable increase in gasoline prices,

electricity prices, then you get more of a slowdown. Oil prices are surging again today up another 7% with U.S. crude at about $77 a barrel. Iran says it will attack any ship that tries to move. through the Strait of Hormuz, and that waterway is where about 20% of all of the world's oil has to move. Worries about the U.S. consumer, with prices at the pump higher today, on top of inflation at grocery stores. AAA says gas prices popped 10 cents overnight.

The national average for a gallon of regular, almost $3.11. Pinterest could be going the way of Southwest Airlines as activists. investor Elliott has taken a stake. Elliott likes to force companies to make changes to become more profitable. Pinterest shares are popping on that news today. Struggling Target reported ho-hum quarterly results again. This was for the holiday quarter, but the company says it's on track to end its sales slump. Best buys holiday sales also disappointed, but it's showing progress in growing its profits.

Swiss sneaker maker on shares were tanking on. disappointing guidance. It reported record sales, but it's facing currency headwinds. IHOP says it's National Pancake Day. Free short stacks all day from 7 a.m. until 8 p.m. you will be asked to donate a little something to the nonprofit called Feeding America. 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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