Market Update

On March 9, 2026, the New York Stock Exchange saw traders in action, coinciding with International Women’s Day. However, it wasn’t a bright day for the markets as the Dow Jones Industrial Average dropped. Investors remained preoccupied with the ongoing US-Iran conflict and its impact on oil prices.

By the close, the Dow was sitting at 47,417.27, down 289.24 points, or 0.61%. The S&P 500 also saw a minor decline of 0.08%, ending at 6,775.80. In contrast, the Nasdaq Composite managed a slight uptick, rising 0.08% to close at 22,716.13.

In the oil market, West Texas Intermediate Futures surged more than 4%, landing at $87.25 per barrel, while Brent crude oil rose about 4.8% to $91.98 per barrel. This surge came despite the International Energy Agency’s announcement to release a record 400 million barrels from its reserves to address supply issues triggered by the conflict.

Ron Albaharry, CIO at Laird Norton Weatherby, expressed skepticism regarding the IEA’s decision, stating it “does not resolve other issues” impacting the global economy. He mentioned ongoing challenges, such as refined products moving through the Strait of Hormuz.

He noted, “I think the market is wrestling with the idea of what an off-ramp is at this point.” There seems to be a bit of desperation from both sides, but translating those efforts positively in the short term appears challenging.

If the conflict continues, there’s a chance oil prices could keep climbing. Recently, the US military sank several Iranian vessels, including 16 minelayers, amid Iran’s attempt to lay landmines in crucial shipping routes, raising alarms over oil supply stability.

On top of that, Britain’s Maritime and Trade Services Authority reported that three cargo ships off Iran’s coast were struck by projectiles, including one in the Strait. This all transpired just days after President Trump suggested the war would conclude “soon.”

Emmanuel Cau, from Barclays, pointed out that Trump’s comment about a possible end to the war, amidst soaring oil prices, may indicate he has reached a tipping point. “The longer oil prices continue to rise, the greater the downside risk to earnings and valuations,” he added.

In economic news, the consumer price index for February saw a 2.4% increase compared to the previous year, aligning with economists’ predictions, even as signs of a softening labor market have emerged.

Amidst this market volatility, Oracle’s stock shone brightly, climbing 9% after reporting fiscal third-quarter earnings and revenues that surpassed expectations. The company also raised its sales forecast for fiscal 2027.