Traders work at the New York Stock Exchange on March 9, 2026.
NYSE
The S&P 500 made a comeback from earlier losses on Monday after President Donald Trump said the war against Iran could be reaching its end.
The broad market index rose 0.83% to close at 6,795.99, while theDow Jones Industrial Averageadded 239.25 points, or 0.5%, and ended at 47,740.80. The blue-chip index is coming off its biggest weekly slide in nearly a year. The Nasdaq Composite jumped 1.38% and settled at 22,695.95. Those moves mark an impressive turnaround from the losses seen earlier in the day. The Dow was down nearly 900 points at its session low, and the S&P 500 and Nasdaq fell as much as 1.5% each.
On Monday, Trump told a CBS News reporter, who shared the comments in a post on X, that “the war is very complete, pretty much.”
“They have no navy, no communications, they’ve got no Air Force,” the president said, adding that the U.S. is “very far” ahead of his initially stated timeframe for the war of four to five weeks.
Trump also said that ships are moving through the key Strait of Hormuz passageway and that he is “thinking about taking it over.”
West Texas Intermediate crude fell to as low as $81 a barrel following the developments. It broke above $100 per barrel in overnight trading to hit more than $119, its first time above this threshold since 2022, when investors were reacting to the aftermath of Russia’s invasion of Ukraine. International benchmark Brent crude pulled back to nearly $84 a barrel at its lowest for the day. U.S. oil prices began the year below $60 a barrel.
“It seems like things are moving on the up and up,” said John Luke Tyner, portfolio manager and head of fixed income at Aptus Capital Advisors.
The broader market was also helped by a rise in semiconductor stocks. Broadcom advanced more than 4%, while Micron Technology and Advanced Micro Devices increased 5% each. Nvidia climbed more than 2%.
Oil prices jumped after major Middle East producers slashed their output due to the closure of the Strait of Hormuz. Kuwait announced cuts but did not say by how much, while Iraq has reportedly seen its production fall 70%.
Energy ministers from the Group of Seven nations — namely, Canada, France, Germany, Italy, Japan, the United Kingdom and the U.S. — are planning to meet virtually on Tuesday morning to discuss potentially releasing oil reserves. The group’s finance ministers met on Monday to discuss a release, though they did not make a decision.
The $100 oil level was seen by many on Wall Street as a breaking point for the economy unless the war is resolved quickly and prices retreat. Trump posted Sunday evening that a gain in “short term oil prices” was a “very small price to pay” for destroying Iran’s nuclear threat.
When talking about the recent spikes in oil prices, Tyner said, “I don’t think this little blip was bad enough or long enough to really upset the apple cart as far as growth and earnings go.”
“I would imagine that unless a lot of infrastructure is screwed up that oil gets right back and normalizes somewhere between $65 and $75 [a barrel], which is kind of happy medium for everyone,” Tyner continued.
— CNBC’s Eamon Javers and Spencer Kimball contributed reporting
Stocks stage stunning comeback late Monday
The three major averages rebounded on Monday afternoon, coming back from sharp losses to close in positive territory.
The S&P 500 ended the day up 0.83%, closing at 6,795.99, while the Dow Industrials added 239.25 points, or 0.5%, and ended at 47,740.80. The Nasdaq Composite gained 1.38% and settled at 22,695.95.
— Darla Mercado
BlackRock says the oil shock is likely to be short-lived
BlackRock said the surge in oil prices tied to escalating tensions in the Middle East is likely to create turbulence in financial markets but may not derail the broader economic expansion if supply disruptions prove temporary.
“The situation is fluid, and the risks are real,” BlackRock investment strategists wrote in a note to clients Monday. “For now, we believe the shock is likely to be short-lived.”
The firm expects disruptions to global energy flows to last weeks rather than months. BlackRock said it continues to position portfolios away from long-dated government bonds, maintaining an underweight stance on long-term U.S. Treasuries. Instead, the asset manager said it favors equities in the U.S. and Japan.
— Yun Li
Retail gasoline prices to keep climbing this week, OPIS chief oil analyst says
A customer fills her scooter with gas at a station on March 9, 2026, in Miami, Florida.
Joe Raedle | Getty Images
Retail gasoline prices will likely plateau and hit $4 per gallon by the end of this week, OPIS chief oil analyst Denton Cinquegrana said Monday on CNBC’s “The Exchange.”
“There’s a lot of things that can be driving this,” Cinquegrana said, “But one thing is for certain, this is all taking place in really high volume situations. Crude oil trading has been some of the most active that I’ve seen in just over 25 years.”
The national average prices for regular gasoline was about $3.478 a gallon on Monday, per the American Automobile Association.
— Pia Singh
Deutsche Bank says market still has room to go before seeing larger risk-off move
While deteriorating relations in the Middle East have led to higher oil prices in recent days, Deutsche Bank strategist Henry Allen believes that the market still has room before seeing a larger risk-off move.
The strategist wrote that historically, these moves required at least one of the following: a large oil price spike sustained over several months, a hawkish policy response or broader macroeconomic damage.
“So how close are we to meeting those thresholds? Much closer than a week ago, but on several metrics we aren’t quite there yet, which explains why equities aren’t yet seeing bear-market declines, like we saw in 2022,” Allen wrote.
While oil prices have spiked 50% since the conflict began, the strategist said that markets don’t believe this will be sustained. There’s also been no signaling yet from officials of a more hawkish path ahead for rates. Allen added that while economic data has shown signs of economic deterioration, so far it hasn’t been connected to the oil shock and has been offset by other positive releases.
“In essence, we’re getting much closer to the situations that prevailed around larger selloffs, but we’re not yet at the severity levels that accompanied the 2022 turmoil, or previous oil shocks like the 1970s,” the strategist added.
— Lisa Kailai Han
U.S. stocks to emerge from rolling correction, “remain constructive” in near term, Morgan Stanely says
U.S. stocks are likely to “remain constructive” for at least another year despite rising geopolitical risks, according to Morgan Stanely.
The U.S. market has already shown several signs of emerging from a months-long correction, including a consolidation of stock performance and positioning in more crowded areas of the market, Morgan Stanley analysts pointed out in a new note to clients.
“We think we’re closer to the end of this rolling correction than the beginning and remain constructive over the next 6-12 months,” the analysts wrote.
They added, “significant cyclical (Financials, Consumer, etc.) and quality growth (Mag 7) weights within major US indices are now less demanding from a positioning and valuation perspective as fundamental tailwinds persist—earnings growth for the median stock is the best in 4 years and mega cap tech forward revenue growth expectations continue to accelerate higher.”
— Liz Napolitano
Cosmetic stocks fall, confronting several headwinds
An Ulta Beauty store in Concord, California, US, on Wednesday, Dec. 3, 2025.
David Paul Morris | Bloomberg | Getty Images
Shares of cosmetic companies fell sharply in early trading Monday.
Ulta Beauty and Estee Lauder were off by 2% and 3%, respectively, while Coty fell more than 4%. E.L.F Beauty was down 8%.
The companies are staring down a triple whammy of risks as surging oil prices could limit economic activity. Higher input costs, shipping expenses and lower consumer demand could all drag these cosmetic names down.
— Davis Giangiulio
Financials down about 10% for the year
.GSPF year-to-date chart.
— Davis Giangiulio
Watch bonds, Warren Pies says
A reversal in U.S. Treasurys to the upside should be carefully watched by investors, according to Warren Pies, strategist at 3Fourteen Research.
“Once bonds start rallying with oil, you’ll know the it is turning from an inflation trade to a recession trade…” Pies wrote Sunday night on social media platform X. “probably starts by the end of this week imo.”
The 10-year U.S. Treasury yield reached 4.15% last week after starting the month just below 4.0%. On Monday, it was last slightly lower at 4.127%.
One basis point is equal to 0.01%. Yields and prices move in opposite directions.
— Sarah Min
USA Rare Earth shares rally 5%
Thomas Fuller | Lightrocket | Getty Images
Shares of USA Rare Earth rallied 5% Monday, a notable outperformer in a volatile day for equities.
The critical minerals startup is already higher by more than 50% year to date. It’s one of a number of rare earth companies that the Trump administration has invested in as it endeavors to build a Western supply chain and reduce its dependence on China. The U.S. Commerce Department took a stake in USA Rare Earth in January.
MP Materials, another rare earth miner the Defense Department took a stake in, also advanced 1.2% in midday trading.
USA Rare Earth, 1-day
By comparison, the State Street SPDR S&P Metals & Mining ETF (XME), which USA Rare Earth and MP Materials are both a part of, was lower by 0.9%.
The S&P 500 was lower as well, by 0.3%, though the broader index is well off its lows of the day.
— Sarah Min
Sources say G7 energy ministers will meet Tuesday morning to discuss release of oil reserves
Energy ministers from the Group of Seven nations will meet virtually Tuesday morning to discuss a possible release of oil reserves to address the supply disruption triggered by the Iran war, sources told CNBC.
G7 finance ministers met Monday to discuss a release of reserves but did not make a decision. The G7 members are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Read more.
— Eamon Javers, Spencer Kimball
Nasdaq turns positive
The Nasdaq Composite moved into positive territory in midday trading on Monday, rising 0.2%.
The tech-heavy index was down about 1.5% at its low of the session.
Nasdaq Composite, 1-day
— Sean Conlon
Biotech stocks buck broader sell-off
On Monday, biotechnology stocks remained a rare bright spot amid the broader sell-off.
Names such as uniQure, Dyne Therapeutics and Denali Therapeutics surged after it was announced that Vinay Prasad, a key U.S. Food and Drug Administration official who oversees vaccines and biotech treatments, will step down from the agency at the end of April.
The stocks jumped 18%, 13% and 7%, respectively.
Biotechs stock 5D chart
Prasad’s tenure at the agency has been marked by multiple decisions that have raised concerns among the vaccine industry. In the past year, the FDA has denied or discouraged applications for at least eight new drugs, according to RTW Investments.
— Lisa Kailai Han, Jacob Pramuk, Angelica Peebles
Cruise stocks drop amid oil rally
Cruise ships are seen anchored at the old port of Doha on March 4, 2026.
Karim Jaafar | AFP | Getty Images
Cruise line stocks dropped Monday as investors worried rising oil prices would bite into profits.
Carnival dropped more than 6% in Monday’s session, making it the worst performer in the S&P 500. The stock is on track to record its biggest daily decline since November.
Royal Caribbean dropped around 4%, also one of the worst performers in the S&P 500. Norwegian‘s stock fell almost 5%, on pace for its seventh straight negative day.
Carnival and Norwegian have each plunged more than 20% in March. Royal Caribbean has tumbled more than 14% month to date.
— Alex Harring
Nasdaq Composite drops below key support level
The Nasdaq Composite on Monday dipped below its 200-day moving average for the first time since May 2025.
The index was last down 1.1% in morning trading, putting its year-to-date losses at nearly 5%.
Nasdaq Composite, year-to-date
— Nick Wells, Sean Conlon
Stocks open in the red
The three major averages began Monday’s session in negative territory.
TheDow Jones Industrial Averagefell 453 points, or about 1%. The S&P 500lost 0.9%, as did the Nasdaq Composite.
— Sean Conlon
Energy stocks gain as oil prices surge
The Exxon oil refinery in Baytown, Texas, US, on Thursday, March 5, 2026.
Mark Felix | Bloomberg | Getty Images
Defense stocks rise
An F/A-18E Super Hornet prepares to launch from the flight deck of the U.S. Navy Nimitz-class aircraft carrier USS Abraham Lincoln in support of the Operation Epic Fury attack on Iran from an undisclosed location March 6, 2026.
US Navy | Via Reuters
Defense stocks rose in premarket trading Monday as the Iran war continued into its 10th day.
Shares of RTX, Northrop Grumman and Lockheed Martin were each around 1% higher, as of 8:45 a.m. ET. They’ve risen more than 3%, more than 4% and around 2% month to date, respectively.
RTX, 5-day
— Sean Conlon
Airline stocks fall
An American Airlines aircraft taxis as a Delta Air Lines aircraft lands at Reagan National Airport in Arlington, Virginia, January 24, 2022.
Joshua Roberts | Reuters
Small caps under pressure
The iShares Russell 2000 ETF was down nearly 2% in premarket trading Monday.
As the broader U.S. equity market sold off after oil prices crossed $100 a barrel, small caps are likely to struggle more with higher energy prices than other larger companies. The borrowing-cost sensitive group is also likely to get hurt more if surging oil prices cause the Federal Reserve to rethink cutting interest rates further.
Since the U.S.-Iran war began, the Russell 2000 is off more than 4% as of Friday’s close, while the S&P 500 was just off 2%
— Davis Giangiulio
Oil prices could surge further, analysts warn
A sticker featuring U.S. President Donald Trump and Elon Musk, at a gas station on Capitol Hill in Washington, D.C., U.S., March 8, 2026.
Nathan Howard | Reuters
Natural gas prices continue to rise
@NG.1 five-day chart.
— Davis Giangiulio, Gina Francolla
Rothschild & Co Redburn double upgrades GE Vernova to buy rating
Cheng Xin | Getty Images News | Getty Images
In a Monday note, Rothschild & Co Redburn double upgraded energy company GE Vernova, spun off from General Electric in 2023, to a buy rating from sell. Analyst Simon Toyne also doubled his target price to $1,100 from $560, implying upside of 39% ahead.
Shares of GE Vernova have popped 21% this year and are up 173% over the past 12 months.
GEV 1Y chart
Toyne cited far stronger than expected demand and margins in the power and utilities industry as a catalyst for the upgrade.
“Since our cautious October 2025 report, demand indicators for AI and gas turbines have accelerated sharply. Order margins for new gas turbines and service are nearly double the levels we assumed in October 2025,” the analyst wrote.
Toyne added that his new 2028 EBITDA forecast for GE Vernova is 47% ahead of current consensus and 52% ahead of current floor guidance.
— Lisa Kailai Han
Wall Street ‘fear gauge’ hits highest level since April
The CBOE Volatility Index (VIX), known to many as the “fear gauge” on Wall Street, scaled to 35.3 on Monday — its highest level since April 21, as traders looked for safety amid the U.S.-Iran war.
VIX hits highest level in nearly a year
— Fred Imbert
European markets open lower as Iran war pushes oil higher
The European Stoxx 600 fell 2.1% in morning trade, with the region’s major bourses and sectors sliding into the red as the war in Iran sent oil prices surging past $100 a barrel.
Yields in European government bonds also rose sharply, as investors weighed concerns over higher inflation resulting from the conflict.
— Hugh Leask
Trump calls oil price increase a ‘very small price to pay’
US President Donald Trump disembarks from Air Force One upon arrival at Dover Air Force Base in Dover, Delaware, March 7, 2026
Saul Loeb | Afp | Getty Images
President Donald Trump called rising oil prices a “very small price to pay” Sunday night after West Texas Intermediate crude futures topped $100 per barrel for the first time since 2022.
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” Trump wrote on Truth Social.
“ONLY FOOLS WOULD THINK DIFFERENTLY!,” Trump added.
— Alex Harring
U.S. crude oil surpasses $100 per barrel
A fuel nozzle is seen in a car at a gas station in Los Angeles, California on March 8, 2026.
Frederic J. Brown | Afp | Getty Images
Crude oil prices climbed past $100 per barrel on Sunday, after major Middle East producers cut output because the critical Strait of Hormuz remains closed due to the Iran war.
West Texas Intermediaterose 11.73% to $101.56 per barrel, while global benchmarkBrentjumped 9.84%% to $101.81. U.S. crude oilsurged about 35%last week in its biggest gain in futures trading history dating back to 1983.
WTI crude, 1-month
— Spencer Kimball
Stock futures drop as oil continues rising
Stock futures plunged on Sunday night as oil’s continued ascent hanged over investors.
Dow futures dropped more than 600 points shortly after 6 p.m. ET. S&P 500 and Nasdaq 100 futures lost around 1.5% each.
Wall Street is coming off a rough week, with the Dow recording its biggest weekly decline since April.
— Alex Harring
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