CNBC Business News Update Market Midday: Stocks Higher, Oil Lower But Gas Higher, American's Bigger Tax Refunds May Get Eaten By Gas Prices 3/10/26
Mar 10, 2026
Market moves and why stocks rose while oil slipped. Why pump prices are climbing even as crude retreats. How higher gasoline could blunt spring tax refund relief. Housing data showing mixed sales and tight supply. Airport delays tied to TSA staff shortages. A quirky pop-culture tie-in with McDonald’s and Crocs.
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Market Bounce Fueled By Falling Oil
- U.S. stocks bounced as oil pulled back, lifting the Dow, S&P 500, and Nasdaq this afternoon.
- Jessica Ettinger reported Cisco up 3% and NVIDIA up 1.5% while U.S. crude fell back below $100 to about $85 a barrel.
Pump Prices Lag Crude Declines
- Gasoline retail prices continued rising despite crude retreat, pushing the national average to $3.54 per gallon.
- AAA reported another four-cent overnight increase, illustrating lag between crude moves and pump prices.
Higher Gas Could Eat Tax Refunds
- Rising gasoline could offset consumer relief from larger tax refunds, effectively acting as a gasoline tax.
- Evercore ISI's Krishna Guha estimated prolonged higher oil could lift pump prices to $3.55 and erase roughly $68 billion of refund spending power.