CNBC Business News Update Market Midday: Stocks Mixed, Oil Higher, Prices At The Pump Rise Again 3/24/26
Mar 24, 2026
Max Layon, head of global commodities research at Citigroup, explains oil market dynamics and geopolitical strains. He discusses why Iran-related tensions keep supply tight. He outlines how the recent oil rally could shave roughly two percent off global GDP. The conversation also covers how rising fuel costs are rippling through consumer prices and airline fares.
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Markets Diverge As Oil Rises
- Stocks were mixed midday with the Dow slightly up while the S&P 500 and Nasdaq were down driven by sector moves like Walmart rallying and NVIDIA slipping.
- Jessica Ettinger reported Walmart up 2% and NVIDIA down 0.3% as oil climbed toward $91 a barrel, stressing market divergence.
Fuel Jump Is Hitting Household Budgets
- Rising oil pushed U.S. crude to about $91 and lifted pump prices, with the national average at $3.98 per gallon and $4 now the average in 11 states.
- AAA noted Americans pay about $1 more per gallon than a month ago, contributing to higher food and gas costs that are forcing households to diss save.
Recession Risk Rising Despite Uneven Consumers
- Moody's economist Mark Zandy warned recession risk is rising because consumer strength is uneven and inflation remains high even before recent hostilities.
- Zandy observed that aggregate consumer health looks weak across income groups, increasing downside risk.