CNBC Business News Update Market Open: US Attacks Iran And Major Stocks Averages Are Lower, Oil Prices Surge, Defense Company Shares Pop 3/2/26
Mar 2, 2026
Markets dip after a U.S. strike on Iran, with pain across major indices. Oil and energy names race higher as crude spikes. Defense and drone makers jump on conflict-driven demand. Gold draws renewed interest amid safe-haven buying. Travel and cruise stocks slip amid regional disruptions.
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Markets Drop After U.S. Attack On Iran
- Markets fell immediately after the U.S. attack on Iran, with the Dow down about 350 points on the first trading day of March.
- Jessica Ettinger ties the sell-off and mixed February performance to the geopolitical shock that hit markets Friday night, leaving only the Dow positive for the month.
White House Prepares Public For More Casualties
- President Trump warned the nation to expect possible further American casualties as major combat operations continue in Iran.
- The administration signaled continued hostilities after four U.S. service members already died in Iranian attacks, increasing geopolitical risk for markets.
Allocate A Portion Of Portfolio To Gold
- Investors are buying gold as a safe haven, pushing prices above $5,400 an ounce before a slight pullback.
- Jim Cramer recommends holding 5–10% of assets in gold as protection during market and geopolitical turmoil.