CNBC Business News Update Market Open: Stocks Lower, Investors Fear A Longer War With Iran, Oil Prices Surge 10% 4/2/26
Apr 2, 2026
Markets open lower as major indexes slip and top stocks lead the decline. Oil surges 10% after geopolitical tensions disrupt shipping in the Strait of Hormuz. National gas and diesel prices climb, with concerns about inflation and GDP impact. Labor data and corporate job cuts highlight a cooling jobs picture. Private credit redemption caps raise Wall Street worries. Weight-loss pill rivalry heats up.
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Markets Reacted Sharply To Iran Escalation
- Oil surged about 10% and stocks plunged as investors feared a longer conflict with Iran after President Trump's speech.
- Jessica Ettinger reported the Dow opened down ~575 points and the S&P and Nasdaq fell ~1.3% and ~2% respectively, driven by geopolitical risk to oil supply.
Strait Of Hormuz Traffic Likely Disrupted
- Strait of Hormuz disruptions and President Trump's warning intensified supply concerns and kept tanker traffic from resuming.
- The president said the U.S. will hit Iran extremely hard over the next two or three weeks, escalating shipping risk.
Fuel Spike Adds Immediate Consumer Pressure
- Rising oil quickly pushed gasoline and diesel prices higher, adding direct cost pressure on consumers and transport.
- AAA reported the national average for regular gas reached $4.08 and diesel climbed above $5.50 per gallon since U.S. attacks began.