CNBC Business News Update Market Close: Stocks Mixed, US Crude Oil Soars Up 11%, Car Makers Out With Q1 Sales 4/2/26
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Apr 2, 2026 Markets reopen after a holiday with mixed stock action and investor jitters over a potential Iran conflict. U.S. crude rockets about 11%, raising inflation worries and growth risks. Gasoline prices climb, hitting drivers and consumer spending. Carmakers report first‑quarter deliveries and sales, with notable misses and tough year‑over‑year comparisons.
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Market Anxiety Over Prolonged Iran Conflict
- Markets reopened after Good Friday with heightened anxiety about the Iran war and how prolonged conflict could affect sentiment.
- Jessica Ettinger notes stocks plunged at the open and investors will 'bite their nails' over a three-day market closure with many unknowns.
Jobs Data May Precede War Impact
- The March jobs report may not yet reflect labor-market effects from the U.S. conflict with Iran because data lags.
- Michael Pierce of Oxford Economics told Jessica Ettinger we expect a healthy payroll bounce that likely predates war impact.
Oil Surge Is Pressuring Consumers And Inflation
- Oil prices spiked with U.S. crude (WTI) rising about 11 percent, pushing pump prices and diesel sharply higher.
- AAA reported national regular at $4.08 and diesel over $5.50, raising costs for trucks, trains and farms and pressuring consumer spending.