CNBC Business News Update Market Midday: Stocks Lower, Wholesale Inflation Came In Hot, Gasoline Prices Rose Again Overnight 3/18/26
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Mar 18, 2026 Markets slid midday as investors tracked a hotter-than-expected wholesale inflation report and rising crude and gasoline prices. A sharp jump in producer prices and big vegetable cost spikes raised consumer price concerns. Discussion touched on tariffs feeding into retail costs and the slowdown in mortgage refinances as rates climb. Brief notes on upcoming earnings, jobless claims and March Madness rounds out the update.
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Market Slump Before Fed And Inflation
- U.S. stocks dropped sharply ahead of a Fed decision and hot inflation data.
- The Dow was down about 400 points with 3M leading losses while NVIDIA rose slightly and energy names hit highs.
Gasoline Prices Hit Four Dollar Threshold
- Gasoline prices climbed again overnight, pushing several states to $4 per gallon average.
- Julian Emanuel and Jessica Ettinger noted Arizona, California, Nevada, Oregon, and Washington already hit $4 averages.
Wholesale Inflation Surges Above Expectations
- The producer price index spiked 0.7% month-over-month, far above the 0.3% expected.
- CNBC reported this was the highest PPI monthly gain since July 2025, signaling wholesale inflation pressures.