CNBC Business News Update - Market Open: US Attacks Iran And Major Stocks Averages Are Lower, Oil Prices Surge, Defense Company Shares Pop 3/2/26

Episode Date: March 2, 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. The first trading day of March is here, and it's red. Markets are lower after Friday night's U.S. attack on Iran. The Dow down 350 points. About a half a percent. Sherwin-Williams shares leading it lower. The S&P 500 index down 37. The NASDAQ down 108 points. Checking shares of Nvidia this morning, they're up 1.5 percent. February 1.5. We wrapped up last Friday with a sell-off for stocks and a mixed month for the major averages. Only the Dow was in the green. But the U.S. has attacked Iran. Here's CNBC's Aiman Javers in Washington.

President Trump's top civilian defense official, Pete Hegseth, making the case for the war in Iran this morning in a Pentagon press briefing. President Trump has not spoken live directly to the American people since launching the attacks on Friday. But in a message on Sunday night, the president prepared the nation for first. American casualties as major combat operations continue in Iran. Sadly, there will likely be more. Before it ends, that's the way it is, likely be more, but we'll do everything possible where that won't be the case. Four U.S. service members have died so far in Iranian attacks.

Investors are buying gold today. It rose above $5,400 an ounce, pulling back just a little this morning. I have the huge gold bug I've always had been. I think 5% or 10% of your money can be in gold. CNBC's mad money host, Jim Kramer. Oil stocks were surging as oil prices surge. ExxonMobil, Chevron, Conoco, Phillips. Before Friday's attack, U.S. crude oil was already at its highest since last summer on fears it would happen.

Americans filled up their tanks over the weekend after social media posts went viral, that there could be increases in prices at the pump this week. But look at natural gas, too. Qatar says its natural gas production is now officially and totally offline. U.S. Nat gas producers like Chenier, those shares were higher. Travel stocks sinking in early trading after thousands of flights around the world were grounded amid the Middle East conflict. Cruise lines down, too. Both of those industry groups use a lot of oil, which is more expensive.

CNBC's Dom Chu with a look at defense stocks reacting to the U.S. attack on Iran. The defense names are really catching the bid. The prices going higher, names like Lockheed Martin, R.TX, Northrop Grumman, some of the defense prime contractors out there. And then there's been a focus these days as well on some of the drone makers, the unmanned aerial systems makers like air environment and Kratos defense. Defense, yes, reacting to what's happening with the Middle East. Stalantis has brought back the Jeep Cherokee, which went out. of production three years ago. USA Today says it's completely different. It just arrived at dealers and starts at $35,000. McDonald's says today is National Egg McMuffin Day. It's selling egg and sausage

McMuffins today all day for a dollar. You have to order through the app. Tomorrow, Mickey D. D. starts selling the big arch, this massive double burger that previously had only been sold overseas. Mobile World Congress begins in Barcelona for the mobile phone industry today. Paramount's Scream 7 was number one at the weekend box office, making the most of any film in the franchise, at $97 million globally in its debut weekend. Jessica Eddinger, CNBC. CNBC is the network for ambitious people. Ambitious.

It's got America written all over it.