CNBC Business News Update Market Close: Stocks Higher, US Crude Oil Up 1%, Private Employment Picked Up In February 3/4/26
Mar 4, 2026
Markets staged a rebound with gains led by big tech movers. Crude oil climbed about 1% amid warnings of tighter supply and strait-shutdown risks. Concerns that Middle East conflict could lift headline inflation surfaced. Mortgage rates reacted to geopolitical events while private employment showed a modest pickup in February. Upcoming corporate earnings and jobless claims were previewed.
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Market Rebounds Despite Middle East Tensions
- Stocks rebounded after recent Middle East war sell-offs, showing resilience in equity markets.
- The Dow rose 238 points and the S&P 500 and Nasdaq also gained as investors treated such geopolitical shocks as recurring events, per Jessica Ettinger and Phil Camparelli.
Oil Prices Rise On Strait Closures Risk
- U.S. crude climbed about 1% to above $75 a barrel after intraday swings, highlighting tightness concerns in physical routes.
- Jeff Curry warned that tanked inventories and shut straits — 20 million barrels a day — could burn through gluts quickly.
Middle East Shock Could Lift Headline Inflation
- Middle East war risks could push U.S. headline inflation higher, with energy-driven upside to CPI.
- Larry Adam cautioned headline CPI might reach 4% due to energy, tariffs pass-through, and migrant labor shifts.