CNBC Business News Update Market Midday: Stocks Lower, But Off Their Earlier Lows, US Crude Oil Near $112 Per Barrel, Gas Prices Rise Again 4/2/26
Apr 2, 2026
Markets slide then claw back from earlier lows as major averages wobble. Oil jumps near $112 a barrel after geopolitical remarks, pushing gasoline prices higher. Discussions cover how rising energy costs could nudge inflation and curb consumer spending. Labor data and jobless claims are examined amid uncertainty around a market holiday and upcoming reports.
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Markets Rally Off Earlier Lows Ahead Of Holiday
- Markets fell midday but recovered off earlier lows as investors priced in geopolitical uncertainty ahead of a three-day market closure.
- Jessica Ettinger highlighted the Dow's swing from a 500-point drop to down about 149 points, showing volatility into the holiday break.
March Data May Not Capture Postattack Effects
- Analysts expect market anxiety to show up in upcoming economic releases, with March data possibly missing post-event shifts.
- Jim Labenthal and Michael Pierce warned March reports may not reflect hiring and inflation changes from recent U.S. actions against Iran.
Gas Prices Are The Key Inflation Channel
- Rising gasoline prices are the primary channel transmitting geopolitical shocks into consumer inflation.
- Oxford Economics projected gasoline would add close to one percentage point to March inflation, amplifying consumer pain.