CNBC Business News Update Market Close: Stocks Mixed, Oil Up Nearly 7% After US Attack On Iran, Prices At The Pump Tick Higher 3/2/26
Mar 2, 2026
Markets swing after a U.S.-Iran strike, with intraday reversals and traders weighing short-term disruption. Concerns rise over oil flow through the Strait of Hormuz and potential impacts on pump prices. JPMorgan flags heightened cybersecurity risk for banks. Investors rotate into gold while media consolidation heats up with streaming platform plans.
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Markets Quickly Priced In Limited Disruption
- Markets were mixed after the U.S. attacked Iran, with the Dow ending down just 73 points despite a 600-point intraday drop.
- The S&P closed up slightly and the Nasdaq rose 80 points, showing selective resilience led by names like NVIDIA and energy stocks.
Jamie Dimon Says Banks Could Be Targets
- JPMorgan CEO Jamie Dimon said his bank could be an Iranian target and that they expect cyber or terrorist attacks.
- Dimon described heavy spending on protection and called such threats one of the highest risks banks bear.
Strait Of Hormuz Disruption Drives Oil Spike
- A fifth of global oil transits the Strait of Hormuz, and disruption there drove oil higher since tankers are currently not moving.
- Analysts suggest the market expects a short conflict, limiting longer-term oil price disruption for now.