Market Summary - March 2, 2026
Current Market Overview
The global markets are currently reacting to the escalating conflict between the US and Israel against Iran, which has led to significant disruptions in the Strait of Hormuz. The strait is blocked, and many refineries are operating under crisis conditions, impacting oil and gas supply chains.
Market Performance
- US100 Index: 24,482.6, down 2.10%
- WTI Crude Oil: $76.19, up 6.84%
- Gold: $5,148.27, down 3.35%
At the market open, WTI crude oil prices surged over 6%, while US LPG futures rose by more than 3%. Gold prices also saw a slight increase of 1%. The US dollar strengthened by approximately 0.5%. Initially, Wall Street indices opened with losses around 1.2%, but as the session progressed, they managed to trim losses and move slightly into positive territory.
Market Risks
The primary concern for the market is the pressure on oil and gas supplies, which is likely to drive energy prices higher. This increase could lead to rising inflation, limiting the ability of central banks to reduce interest rates. Such developments could challenge many investors' expectations regarding economic growth in the upcoming quarters.
Macroeconomic Data
Recent data from the US indicates a positive trend in manufacturing:
- February Manufacturing PMI: 51.6 (expected: 51.2)
- ISM Manufacturing Index: 52.4 (expected: 51.7)
The ISM Prices component is particularly noteworthy, standing at 70 points, indicating inflationary pressures.
Company News
- American Airlines (AAL.US): Shares down 4% due to disruptions in air and tourism traffic from the conflict.
- Amazon (AMZN.US): Shares affected by an Iranian missile strike on an AWS data center, causing service disruptions in the Middle East.
- Lockheed Martin (LMT.US): Shares up over 3% as defense contractors benefit from the conflict escalation.
- Occidental Petroleum (OXY.US): Shares up more than 3% alongside rising oil prices.
- UniQure (QURE.US): Shares down 35% following a US regulator's order for additional studies on a new gene therapy.