CNBC Business News Update Market Open: Stocks Lower, Jobless Claims Tame, Q4 Productivity Better Than Expected, Oil Up Again 3/5/26
Mar 5, 2026
Markets slip as oil climbs amid U.S.-Iran tensions and a Dow drop led by big pharma. Pump prices rise and travel disruptions threaten the industry. Weekly jobless claims come in a touch calmer while Q4 productivity surprised to the upside. Lawmakers eye betting bans after a spike in wagers tied to geopolitical events.
AI Snips
Chapters
Transcript
Episode notes
Markets Drop As Oil Jumps Above $80
- U.S. markets fell sharply as investors reacted to rising oil and war risks, dragging the Dow down about 703 points.
- Jessica Ettinger links the sell-off to Iran-related tension that pushed WTI briefly above $80 per barrel, the first since Jan 2025.
Iran Attack Sends Crude Above Recent Highs
- Oil spiked after Iran said it attacked a tanker, with U.S. crude topping $80 then settling near $79.50.
- Jessica Ettinger notes the last time WTI traded above $80 was January 2025, highlighting the rarity.
Trader's Gas Station Anecdote Highlights Pain At Pump
- J.P. Morgan's Bill Eigen described seeing a gas station raise prices 15 cents and shoppers complaining about inflation at Costco.
- The anecdote illustrates how rising oil feeds directly into consumer frustration at the pump.