CNBC Business News Update Market Open: Stocks Lower, US Crude Oil Higher, Hot Wholesale Inflation For February 3/18/26
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Mar 18, 2026 
Rick Santelli, CNBC market correspondent known for crisp PPI analysis, and Jim Cramer, outspoken market commentator from Mad Money, weigh in. They discuss a hotter-than-expected producer price index and surging food costs. They cover how oil jumped after a regional attack and how market sentiment shifted at the open. They also touch on Fed rate-cut pressure and notable retail and corporate moves.
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Markets React To Inflation And Iran Attack
- Markets pulled back at the open due to a hot inflation print and an attack on a natural gas field in southern Iran.
- The combination pushed U.S. crude above $98 and sent the Dow down about 164 points early in trading.
Cramer Describes Premarket Euphoria Then Selloff
- Jim Cramer recounted futures optimism before the open, saying at 3 a.m. it looked like "the greatest day in history."
- He contrasted that premarket euphoria with market reaction after the Iran attack and PPI print.
Wholesale Inflation Surges Driven By Food
- The producer price index rose 0.7% in February, well above the 0.3% expected, marking the highest since July 2025.
- Food prices jumped 2.4% with fresh and dry vegetables up 48%, signaling upstream inflation pressures.