CNBC Business News Update Market Open: Stocks Plunge, Investors Worried US War In Iran Will Drag On, Oil Prices Soar And Gas Prices Popped Higher Overnight 3/3/26
Mar 3, 2026
Barry Knapp, macro economist at Ironside Macro, highlights consumption trends and rising energy costs. Robert Shine, wealth manager at BlankShine Wealth, comments on the market sell-off and oil trade impact. They discuss soaring oil, Strait of Hormuz risks, and a jump in gas prices. Short, timely market headlines with geopolitical and consumer cost focus.
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Market Repricing From Widening Middle East Conflict
- Markets plunged as investors recalculated risk after the U.S. war with Iran widened, driving broad selling across indexes.
- The Dow fell about 975 points and only Verizon in the Dow 30 was trading up, highlighting broad risk-off flows.
Jim Cramer Says Traders Must Recalculate Risk
- Jim Cramer said optimism faded as traders realized the conflict may not be short-lived and they must "recalculate."
- Cramer pointed to drone abundance and U.S. responses as reasons for renewed market stress.
Consumption Slowdown Makes Economy Vulnerable To Oil Shock
- Barry Knapp said an existing slowdown in consumption could worsen if energy costs rise, reducing growth expectations.
- He noted goods consumption fell from 5% to zero and services also slowed significantly.