CNBC Business News Update Market Midday: Stocks Lower But Off Earlier Lows, Middle East War Fears Spook Investors, Oil Spikes Higher 3/3/26
Mar 3, 2026
Markets dip amid fears the Middle East conflict could keep volatility high. Oil surges toward $76, driving higher gas prices and inflation concerns. Tech names wobble while energy and defense stocks climb. Analysts warn of choppy trading ahead as investors weigh earnings, retail moves, and economic data.
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Middle East War Fears Drive Market Volatility
- Investors fear the Middle East war will last longer, driving volatility and big market swings.
- Jessica Ettinger reports the Dow briefly fell 1,200 points before settling down about 685 points amid spillover from geopolitical risk.
Crisis Concentrates Gains In Oil And Defense
- Stocks hitting new highs are concentrated in oil and defense sectors amid crisis-driven demand.
- Jessica Ettinger highlights Chevron, Valero, Northrop Grumman and RTX as recent leaders benefiting from the event.
Buckle Up For Short Term Volatility
- Brace for a volatile trading environment as uncertainty over conflict duration persists.
- Defiance ETF's Sylvia Jablonski warns it's likely a day-by-day situation with ongoing whipsawing in markets.