CNBC Business News Update Market Open: Stocks Mixed, Inflation Held Steady In February, Gas Prices Went Up Again Overnight 3/11/26
Mar 11, 2026
Rick Santelli, markets commentator, offers sharp takes on inflation and energy. Pippa Stevens, markets and energy reporter, breaks down Strategic Petroleum Reserve moves and oil dynamics. They discuss inflation holding at 2.4% in February. They cover oil price reactions, SPR distribution limits, and an overnight jump in gas prices.
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Market Open Mixed As Oil And Inflation Drive Divergence
- Wall Street opened mixed as investors tracked oil and inflation data that held steady year over year at 2.4 percent.
- The Dow fell ~198 points while the S&P 500 edged up and the Nasdaq rose, with NVIDIA up 1.25 percent, reflecting market divergence.
IEA SPR Release Won't Instantly Calm Oil Markets
- Oil ticked higher after the IEA announced a coordinated 400 million barrel SPR release, but markets may have already priced much of it in.
- Analysts warned distribution lags and Strait of Hormuz disruptions mean the release won't immediately replace lost supply, leaving volatility.
SPR Release Is A Temporary And Geographically Uneven Fix
- Experts cautioned the SPR release is only a partial plug for a historic disruption and may cover one to two months at best.
- Geographic mismatch matters: U.S. reserves don't automatically solve shortages in Asia, limiting effectiveness.