Stock Market Today, March 2: Energy and Defense Stocks Surge on Middle East Conflict
Energy stocks gained as crude neared $80 and investors weighed the impact of the conflict, today, March 2, 2026.
The S&P 500 (^GSPC 1.49%) inched up 0.04% to 6,881.62, and the Nasdaq Composite (^IXIC 1.78%) rose 0.36% to 22,748.86 as markets absorbed oil’s war-driven spike and then clawed back early losses. The Dow Jones Industrial Average (^DJI 1.13%) slipped 0.15% to 48,904.78 Market moversEnergy and defense names outperformed, with Exxon Mobil (XOM +0.66%) rallying more than 5% intraday as crude jumped toward $80. Palantir Technologies (PLTR +3.64%) gained alongside other defense stocks. Cruise operators and airlines dropped on fears that high oil prices and global tensions would impact operations. Royal Caribbean Cruises (RCL 1.42%) lost 3.25% to finish the day at $300.84, while American Airlines (AAL 5.22%) fell by 4.21%.In tech, Nvidia (NVDA 3.38%) turned the corner after last week’s turbulent ride.
Apple’s (AAPL 1.34%) planned launch of its new $599 iPhone 17e this week pushed the stock up slightly. Berkshire Hathaway (BRKB 0.27%) dipped after an earnings revenue miss. What this means for investorsU.S. stocks dipped this morning on geopolitical fallout from the conflict in Iran. Oil surged. In addition to last week’s hotter-than-expected inflation data, there are fears that high energy costs could push consumer prices upwards. This could delay any Federal Reserve rate cuts. However, markets had barely shifted by the end of the day as investors weighed the potential impact. Investors will be watching the way the conflict unfolds in the coming days.
Gold touched $5,400 an ounce as people turned to safe-haven assets, while Treasury yields rose. Bitcoin (BTC 4.52%) gained, which could signal a risk capital rotation rather than an exit.