CNBC Business News Update Market Close: Stocks Sell Off, Oil Prices Higher, Airline Stocks Fall 3/5/26
Mar 5, 2026
Markets sell off with major indexes sliding and big movers highlighted. Geopolitical tensions and an Iran attack raise risks around the Strait of Hormuz. Crude spikes above $81, pushing pump prices and adding consumer pain. Analysts estimate huge weekly increases in gasoline spending. Surging oil and jet fuel send airline stocks tumbling.
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Geopolitical Risk Triggered Major Market Drop
- Markets sold off sharply after escalation fears around the war with Iran drove panic selling and big index moves.
- The Dow fell as much as 1,000 points intraday and finished down 784 points, while the S&P and Nasdaq also pulled back despite some recovery in tech names like NVIDIA.
Avoid Kneejerk Investing On War News
- Avoid extreme reactions to unpredictable geopolitical events and neither be overly optimistic nor suicidal with investment decisions.
- Howard Marks advised there's nothing intelligent to do in reaction to the war except maintain balanced perspective because the outcome is unpredictable.
Strait Of Hormuz Incident Lifted Oil Prices
- Disruptions at the Strait of Hormuz created acute oil-supply fears after Iran attacked an oil tanker, pushing U.S. crude above $81 a barrel intraday.
- That spike marked the highest crude level since summer 2024 and then eased slightly but raised consumer pain at the pump.