CNBC Business News Update Market Close: Stocks Lower, War Headlines Cause Stock And Oil Volatility, Newly Built Home Sales Plunge 3/19/26
Mar 19, 2026
Diana Olick, CNBC real estate reporter covering housing data, and Mike Santoli, market commentator and columnist, unpack market moves. They discuss war-related headlines driving stock and oil swings. They cover crude topping $100, gold pullbacks, rising pump prices, and a steep drop in new home sales. Short takes on upcoming earnings and sports tie-ins wrap things up.
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War Headlines Caused Market Twitch
- War-related headlines drove sharp intraday swings as traders reacted to hopes for de-escalation and then to clarifying comments from Israel's president.
- Mike Santoli notes investors stayed cautious near the S&P's fourth-quarter lows to avoid missing a potential de-escalatory rally.
Oil Spike And Precious Metals Backlash
- Oil spiked above $100 midday then fell back to ~$94 within hours, and gold staged its worst weekly pullback since 1983 amid volatile flows.
- Energy stocks still hit all-time highs even as precious metals retraced after a monthlong run-up.
$4 Gasoline Is A Psychological Milestone
- Rising pump prices are biting consumer sentiment, with national average at $3.88 and seven states over $4.
- Mark Zandi warns higher gasoline and diesel boost grocery and delivery costs and damage the consumer psyche.