Closing Bell Closing Bell Overtime: Stocks Stage Dramatic Reversal as Oil Surges and Markets Reassess the Next Move 3/3/26
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Mar 3, 2026 Henry McVeigh, KKR Global Macro and Asset Allocation Head and balance-sheet CIO, outlines macro regime change and where private credit and infrastructure matter. He talks about resilient growth, dispersion in private credit, and real assets opportunities. Short takes on market reversals, oil-driven volatility, and emerging market flows round out the conversation.
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Tanker Escorts Temporarily Ease Shipping Insurance Stress
- Trump's announcement about U.S. escorts and political risk insurance for tankers caused sharp crude price swings and reopened tanker transit sentiment.
- About 95.5 million barrels were sitting on tankers in the Persian Gulf, and Iraq cut production due to storage limits.
Market Sees Short Term Shock But Spare Capacity Risk Looms
- The futures curve showed the market viewed the shock as short term since back-end crude prices didn't rise meaningfully.
- Spare capacity from Saudi and UAE may be limited if strait disruptions persist, removing a cushion.
Buy Into Oversold Financials Utilities And Industrials
- Consider leaning into beaten-up sectors like financials, utilities, and industrials as potential opportunities post-disruption.
- Scott Wren expects GDP ~2.9% and 2026 earnings growth, so pullbacks could be selective buying chances.