CNBC Business News Update Market Midday: Stocks Higher, President Trump Says US & Iran Have Held "Productive" Talks, Oil Prices Fall 3/23/26
Mar 23, 2026
Eamon Javers, Washington correspondent covering on-the-ground political developments. He reports on President Trump saying talks with Iran were productive. Stocks rally amid the news. Discussion also covers a five-day bombing delay and disputed Iranian statements, and the market impact of falling oil and rising gasoline concerns.
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Risk On Rally After Trump Mentions Productive Iran Talks
- Markets surged after President Trump said the U.S. and Iran held productive talks, triggering a risk-on move across stocks and Treasuries.
- The anti-inflation trade hit oil hard (WTI down ~10%) and boosted consumer discretionary and travel names sensitive to fuel costs.
Five Day Pause Sparks Conflicting Narratives
- President Trump announced a five-day delay on bombing Iran's power plants citing talks with Iran's top person, creating immediate geopolitical de-escalation signals.
- Iranian state media denied negotiations, calling it a U.S. retreat, underscoring conflicting narratives that markets must parse.
Oil Drop Matters Because Gasoline Shapes Inflation Expectations
- Oil fell from about $98 to $90 a barrel, pulling gasoline expectations down even as pump prices remained elevated at a $3.95 national average.
- Chicago Fed's Austin Goolsbee warned gasoline shocks shape inflation expectations, making fuel moves critical for policy decisions.