<\/button><\/span><\/span>broke\u00a0above $90 per barrel\u00a0and ended the week with a 35% gain \u2014 its biggest since oil futures trading began in 1983 \u2014 as investors weighed the impact of the U.S.-Iran war on global energy supply. Oil surged Friday after President\u00a0Donald Trump\u00a0said in a Truth Social post that there won\u2019t be a deal to end the U.S.-Iran war\u00a0without an \u201cunconditional surrender\u201d\u00a0from the Middle Eastern country.<\/p>\nQatar\u2019s energy minister, Saad al-Kaabi, told\u00a0The Financial Times\u00a0that Gulf energy producers may need to call force majeure in the coming days, shutting down production in a move that could send oil to $150 a barrel. The conflict in the Middle East could \u201cbring down the economies of the world,\u201d he warned.<\/p>\n
\u201cIf this war continues for a few weeks, GDP growth around the world will be impacted,\u201d the energy minister said. \u201cEverybody\u2019s energy price is going to go higher. There will be shortages of some products and there will be a chain reaction of factories that cannot supply.\u201d<\/p>\n
The bands between the high-end and the low-end of oil prices \u201chave widened out significantly,\u201d according to Jed Ellerbroek, portfolio manager at Argent Capital Management. Even if you haircut al-Kaabi\u2019s projection by 20%, prices are still at levels that are \u201cscary as hell,\u201d he added.<\/p>\n
\u201cIf I\u2019m a trader … I\u2019m not real pumped about owning a bunch of economically sensitive stocks through a weekend at war with Iran, with President Trump\u2019s volatility and unpredictability,\u201d Ellerbroek said. \u201cI think the longer this goes on, the more it will seep into stock market behavior.\u201d<\/p>\n
Shares of\u00a0Royal Caribbean<\/button><\/span><\/span>, which has fallen 11% this week amid increasing fuel costs, fell again on Friday, dropping 1.5%.\u00a0Caterpillar<\/button><\/span><\/span>\u00a0shares, which have also suffered this week, were down more than 2%.<\/p>\nEquities were also bogged down by the latest jobs data. The Bureau of Labor Statistics reported that nonfarm payrolls fell by 92,000 in February, a sharp contrast from the downwardly revised January gain of 126,000 and far below the growth of 50,000 that economists polled by Dow Jones expected for the month. The unemployment rate also rose to 4.4% from 4.3%.<\/p>\n
\u201cThe headline number was very disappointing and will feed worries that the labor market \u2013 despite the strong January jobs report \u2013 is softening,\u201d said Tim Holland, chief investment officer at Orion. \u201cWith energy prices moving higher of late, we wouldn\u2019t be surprised to hear some talk on Wall Street of stagflation \u2013 that toxic 70s mix of slowing growth and rising inflation.\u201d<\/p>\n
This week, the S&P 500 is on pace to shed more than 1%, while the 30-stock Dow has fallen 3%. The tech-heavy Nasdaq is tracking for a loss of 0.5%.<\/p>\n
Gold and silver fall for the week<\/h2>\n\n
Gold<\/button><\/span><\/span>\u00a0and\u00a0silver<\/button><\/span><\/span>\u00a0started March in the red.<\/p>\nBullion ended Friday up 1.58% at 5,158.7, but it was down 1.7% for the week. It was the metal\u2019s first weekly loss in five.<\/p>\n
Silver fell 9.63% in the week, its first weekly loss in four, but ended Friday up 2.59% at 84.311.<\/p>\n
Meanwhile,\u00a0Aluminum\u00a0jumped 9.75% in the week, its largest weekly gain since January 2023. Aluminum is now up nearly 15% in 2026.<\/p>\n
First-quarter Atlanta GDPNow plunges to 2.1% Friday from 3.0% Monday<\/h2>\n\n
The Atlanta Federal Reserve\u2019s\u00a0GDPNow tracker\u00a0of estimated first-quarter gross domestic product plunged to an annual rate of 2.1% on Friday, down from 3.0% on Monday.<\/p>\n
Projections of January-March real personal consumption expenditures growth falling to 1.8% from 2.8%, and real gross private domestic investment growth slowing to 6.8% from 7.9%, accounted for most of the decline, the regional Fed bank said.<\/p>\n
The projection \u201cis not an official forecast of the Atlanta Fed. Rather, it is best viewed as a running estimate of real GDP growth based on available economic data for the current measured quarter. There are no subjective adjustments made to GDPNow \u2014 the estimate is based solely on the mathematical results of the model,\u201d the bank says.<\/p>\n
U.S. will create $20 billion reinsurance program for oil tankers<\/h2>\n\n
The U.S. Development Finance Corporation will create a $20 billion reinsurance facility in effort to get oil tankers moving through the Strait of Hormuz again.<\/p>\n
U.S. crude oil is up more than 12% Friday as some Gulf countries shut down oil production because they cannot export their crude through the Strait.<\/p>\n
Materials on pace for worst week in nearly a year<\/h2>\n\n
The S&P 500 materials sector is down 7% this week. If that loss holds, it would mark the space\u2019s worst weekly performance since the week ended April 4, when it plunged more than 8%. The worst performers week to date are:<\/p>\n
\nPPG Industries<\/button><\/span><\/span>: Down more than 12%<\/li>\nFreeport-McMoRan<\/button><\/span><\/span>: Down more than 12%<\/li>\nCRH<\/button><\/span><\/span>: Down 11%<\/li>\nAmcor<\/button><\/span><\/span>: Down 11%<\/li>\nVulcan Materials<\/button><\/span><\/span>: Down 10%<\/li>\n<\/ul>\n <\/p>\n
Boeing pops on report of big China airplane order<\/h2>\n\n
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A Boeing 737 Max airplane at the company\u2019s manufacturing facility in Renton, Washington, Nov. 20, 2025.<\/div>\n
David Ryder | Bloomberg | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Boeing<\/button><\/span><\/span>\u00a0shares popped to session highs, up more than 2% after Bloomberg News reported the aerospace maker was in talks with the Chinese government for an order of 500 737 Max jets. CNBC reached out to Boeing for comment.<\/p>\nTarget is boasting strong technicals amid its turnaround efforts, Josh Brown says<\/h2>\n\n
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Sign at the entrance to a Target in Venice, Florida.<\/div>\n
Erik Mcgregor | Lightrocket | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Target<\/button><\/span><\/span>\u00a0is one of the best buying opportunities in the market right now, according to Josh Brown, CEO of Ritholtz Wealth Management.<\/p>\nShares of the retailer have significantly outperformed the broader market this year, gaining about 22%, and are faring decent amid the broader decline in value stocks on Friday. Investors appear to be counting on\u00a0Target\u2019s turnaround efforts, which involve a new leadership team focused on ramping up store growth and remodels and doubling the size of its retail media network \u201cRoundel\u201d within the next five years.<\/p>\n
\u201cThe Street has decided things are changing here, at least so far, and that\u2019s why it\u2019s on our radar \u2026 And the more you dig into this, you realize there\u2019s something powerful happening with this turnaround,\u201d Brown said Friday on CNBC\u2019s \u201cHalftime Report.\u201d \u201cIt\u2019s very straightforward here from a risk management standpoint.\u201d<\/p>\n
According to Brown, the share price level on Target between $99 and $100 is the \u201cobvious level of support\u201d for traders to watch. The stock is sitting at a golden cross with short-term momentum behind it, he said, adding that there\u2019s plenty of room overhead given the stock\u2019s all-time high of $175 per share.<\/p>\n
Decliners lead advancers 4-1 in latest market rout<\/h2>\n\n
Equity markets were under pressure again on Friday, and a look under the surface shows bears are in control intraday.<\/p>\n
FactSet data shows that four stocks declined for every one advancer at the New York Stock Exchange. Overall, 2,131 names were lower, while just 518 traded higher.<\/p>\n
Stocks making midday moves: Western Alliance Bancorp, CF Industries, United Airlines<\/h2>\n\n
Check out the companies making headlines in midday trading:<\/em><\/p>\n\nBank stocks \u2014 All 101 stocks in the\u00a0State Street SPDR S&P Bank ETF (KBE)<\/button><\/span><\/span>\u00a0were down Friday as the spread widened between the\u00a02- and 10-year Treasury yield\u00a0in a move known as a bear steepening that often suggests increased expectations of future inflation. A steeper yield curve can compress banks\u2019 net interest margins, devalue assets, raise credit risk and curb loan demand.\u00a0Western Alliance Bancorp<\/button><\/span><\/span>\u00a0is down almost 12%,\u00a0Rocket Companies<\/button><\/span><\/span>\u00a0is off 4% and\u00a0ServisFirst Bancshares<\/button><\/span><\/span>\u00a0is lower by nearly 5%.<\/li>\nFertilizer stocks \u2014 Fertilizer stocks rallied once again on Friday, as the companies are likely to benefit from tight supplies and higher prices due to the war with Iran. More than a third of raw materials used in fertilizer travel through the Strait of Hormuz.\u00a0CF Industries<\/button><\/span><\/span>\u00a0climbed 5%, hitting a fresh 52-week high and putting it on pace for a record close. Week to date, shares have surged about 17%.\u00a0Intrepid Potash<\/button><\/span><\/span>\u00a0surged 9%, also hitting a 52-week high. Its week-to-date gains are likely to tally almost 17%.\u00a0Nutrien<\/button><\/span><\/span>\u00a0shares added 2%, but the stock is only up 1% this week.<\/li>\nUnited Airlines<\/button><\/span><\/span>\u00a0\u2014 Shares tumbled nearly 4% after\u00a0CEO Scott Kirby\u00a0said the recent spike in fuel prices since the U.S. and Israel struck Iran last weekend will have a \u201cmeaningful\u201d impact on United\u2019s first-quarter results. Shares of\u00a0Delta Air Lines<\/button><\/span><\/span>\u00a0lost 4% and\u00a0Southwest Airlines<\/button><\/span><\/span>\u00a0dropped 6%, both falling in sympathy. Cruise operators\u00a0Norwegian<\/button><\/span><\/span>\u00a0and\u00a0Carnival<\/button><\/span><\/span>\u00a0also fell about 6% each. U.S. oil futures are up more than 34% on the week, and jet fuel and diesel are petroleum distillates.<\/li>\n<\/ul>\n\n
U.S. crude oil surpasses $90 per barrel<\/h2>\n\n
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Oil storage tanks at the 76 Terminal in Richmond, California, US, on Monday, March 2, 2026.<\/div>\n
David Paul Morris | Bloomberg | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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U.S. crude oil broke $90 per barrel Friday after President Donald Trump demanded\u00a0unconditional surrender\u00a0from Iran, raising fears of a prolonged war that will cause a cascading disruption to global oil supplies.<\/p>\n
West Texas Intermediate\u00a0crude futures were last up 11.27% to $90.14 per barrel, while global benchmark\u00a0Brent was 8.09% higher at $92.32 per barrel. U.S. crude has gained nearly 35% this week, while Brent has advanced nearly 28%.<\/p>\n<\/div>\n<\/div>\n
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Financials tumble again. Bank ETF falls below 200-day moving average<\/h2>\n\n
Financial stocks are tumbling Friday as the spread widens between the 2- and 10-year Treasury yield in a move known as a bear steepening that often suggests increased expectations of future inflation. A steeper yield curve can compress banks\u2019 net interest margins, devalue assets, raise credit risk and curb loan demand.<\/p>\n
Each of the 101 banks in the\u00a0State Street SPDR S&P Bank ETF<\/button><\/span><\/span>\u00a0(KBE) is lower Friday, and the ETF itself is down 3.6%, led by\u00a0Western Alliance Bancorp<\/button><\/span><\/span>, down 13%, Rocket Companies, off 4% and ServisFirst Bancshares, lower by 5%.<\/p>\nThe $1 billion KBE has fallen below its 200-day moving average level of $59.24 for for the first time since November 19, 2025.<\/p>\n<\/div>\n<\/div>\n
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Treasury yields rise<\/h2>\n\n
Treasury yields pushed higher Friday. The benchmark\u00a010-year Treasury\u00a0yield gained more than 3 basis points to 4.177%. The\u00a030-year Treasury\u00a0yield rose 2.6 basis points to 4.777%. The\u00a02-year Treasury\u00a0yield was almost 1 basis point higher, at 3.606%.<\/p>\n
The spread between 2-year and the 10-year Treasury widened to 57.1 basis points, which might reflect higher expectations of future inflation.<\/p>\n<\/div>\n<\/div>\n
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Stocks open lower<\/h2>\n\n
U.S. equities opened Friday\u2019s session in negative territory.<\/p>\n
The Dow Jones Industrial Average lost 673 points, or 1.4%. The S&P 500 and Nasdaq Composite were down 1.2% and 1.4%, respectively.<\/p>\n
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Gap, Marvell Technology, Exxon Mobil among the stocks making premarket moves<\/h2>\n\n
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People walk by a Gap store in Times Square on March 05, 2026 in New York City.<\/div>\n
Spencer Platt | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Check out the companies making headlines before the bell:<\/em><\/p>\n\nGap<\/button><\/span><\/span>\u00a0\u2014 The apparel maker\u2019s stock slid about 8% after Gap reported fourth-quarter earnings of 45 cents per share, just shy of analysts\u2019 forecast of 46 cents a share, per LSEG. Gap\u2019s revenue came in line with expectations at $4.24 billion.<\/li>\nMarvell Technology<\/button><\/span><\/span>\u00a0\u2014 The company, which makes integrated circuits and semiconductor products, saw shares surge 11% on the back of strong quarterly results led by artificial intelligence demand. For its fourth quarter, Marvell reported adjusted earnings of 80 cents per share on revenue of $2.22 billion. Analysts polled by LSEG were expecting earnings of 79 cents per share and revenue of $2.21 billion. Management said Marvell expects its year-over-year revenue growth to increase each quarter in fiscal 2027.<\/li>\nOil stocks \u2014 The group rose alongside crude prices, as tensions grew overnight around the U.S.-Iran conflict.\u00a0Exxon Mobil<\/button><\/span><\/span>\u00a0and\u00a0Chevron<\/button><\/span><\/span>\u00a0each gained more than 1%.\u00a0Occidental Petroleum<\/button><\/span><\/span>\u00a0climbed 3.3%. U.S. oil and Brent scaled to levels not seen since 2024.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n
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U.S. jobs fall unexpectedly by 92,000 in February<\/h2>\n\n
U.S. payrolls fell by\u00a092,000 in February, marking a surprise decline out of the labor market, while the unemployment rate rose to 4.4%. Economists polled by Dow Jones expected payrolls increased by 50,000 in February as unemployment remained steady at 4.3%.<\/p>\n<\/div>\n<\/div>\n
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Why Trump\u2019s plan to have the U.S. Navy escort tankers through the Gulf may not work<\/h2>\n\n
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A person points at a page on the Marinetraffic website that shows commercial boats traffic on the edge of the Strait of Hormuz near the Iranian coast, in Paris on March 4, 2026.<\/div>\n
Julien De Rosa | Afp | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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President Donald Trump is ready to use the U.S. Navy to escort oil tankers through the Strait of Hormuz as the war against Iran rages, but providing safe passage to the volume of traffic that typically passes through the waterway will prove challenging.<\/p>\n
U.S. oil prices\u00a0have surged\u00a028% to above $86 a barrel this week as Iran attacks tankers, effectively bringing ship traffic through the Strait to a standstill. Brent crude is up 22% this week to $89 a barrel.<\/p>\n
Global benchmark Brent would shoot above $100 per barrel if the waterway is closed for a prolonged period, Wall Street analysts say. At that level, oil prices could tip the global economy into a recession, they say.<\/p>\n
The narrow Strait is the only way for tankers to enter and exit the Persian Gulf. More than 14 million barrels per day of crude passed through the Strait in 2025, about a third of all the oil that is exported by ship worldwide, according to energy consulting firm Kpler.<\/p>\n<\/div>\n<\/div>\n
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Oil rally resumes as Brent tops $89 a barrel<\/h2>\n\n
Oil prices\u00a0rose on Friday morning\u00a0as investors continued to assess the impact of the U.S.-Iran war on global energy markets.<\/p>\n
By 7 a.m. ET, global benchmark\u00a0Brent crude futures\u00a0added 4.5% to trade at $89.38 a barrel, notching a fresh 52-week high. U.S.\u00a0West Texas Intermediate crude futures were last seen 6.2% higher at $86.04.<\/p>\n<\/div>\n