Closing Bell Closing Bell Overtime: 3/19/26
Mar 19, 2026
Pippa Stevens, CNBC energy reporter covering oil, gas and supply shocks from Middle East strikes. Bob Elliott, CEO and CIO offering cross-asset market perspective on stocks, bonds and metals. Frank Holland, market reporter summarizing FedEx results and guidance. They discuss geopolitical energy shocks, market technical risks and FedEx earnings impact in short, punchy segments.
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FedEx Q3 Beat Fuels Raised Full Year Guide
- FedEx beat Q3 estimates with $24 billion revenue and $5.25 EPS, the largest EPS beat since September 2020.
- The company raised full-year guidance to $19.30–$20.10 and cited yield increases (Express +6%, freight +8%) plus extra cost cuts and an on-track freight spinoff.
Yield Curve Showed Bear Steepening But May Be Peaking
- The U.S. Treasury curve experienced bear steepening with the two-year staying elevated and the 10-year failing to make new highs.
- Rick Santelli highlighted a flattening two-year/ten-year spread and warned the short end's post-Fed surge may be a blowoff needing confirmation from 10-year closes above ~4.30%.
Stocks Look Too Bullish Versus Macro Reality
- Bob Elliott argues stocks appear too optimistic relative to bonds given household purchasing power losses from higher energy costs.
- He points out households face a 1–2% real purchasing power cut from oil/gas price passthrough, making the equity growth expectations hard to reconcile with consumer constraints.