Stock futures fall as traders monitor latest developments in U.S.-Iran war: Live updates – CNBC
A trader works at the New York Stock Exchange on March 3, 2026.
NYSE
Stocks rose on Wednesday, building on the momentum seen late in the previous session, as the surge in oil prices pulled back following developments in the U.S.-Israeli war on Iran and fears about a U.S. economic growth scare faded.
The Dow Jones Industrial Average added 238.14 points, or 0.49%, to close at 48,739.41. The 30-stock index snapped a three-day run of losses. The S&P 500 gained 0.78% and ended at 6,869.50, while the Nasdaq Composite moved 1.29% higher and settled at 22,807.48.
Technology stocks supported the broader market, particularly those in the chips space. Micron Technology and Advanced Micro Devices each advanced more than 5%. Broadcom and Nvidia climbed more than 1% apiece.
A couple of strong economic data releases bolstered sentiment among investors Wednesday. Firstly, ADP reported that private sector companies added more jobs than anticipated in February. On top of that, the U.S. nonmanufacturing sector recorded better-than-expected growth last month with easing inflation pressures.
“The concerns of a softening labor market at least maybe turning into a deteriorating labor market [are] being kind of challenged right now,” said Ameriprise chief market strategist Anthony Saglimbene. “The U.S. economy stands on firm ground.”
The reaction to the economic data occurred alongside the rally in oil prices losing steam after Treasury Secretary Scott Bessent told CNBC on Wednesday that the U.S. is going to make “a series of announcements” to support the flow of oil through the Persian Gulf. Brent crude oil futures and U.S. West Texas Intermediate crude futures eased on Wednesday, with the international benchmark settling flat and WTI closing up 0.13%.
Oil’s recent rally abated after President Donald Trump said Tuesday that the U.S. would provide risk insurance to all maritime trade through the Gulf in an effort to get tankers moving through the Strait of Hormuz. Tanker traffic through the Strait — the world’s most vital transit route for crude oil — came to a halt after the Iranian Revolutionary Guard commander threatened to set fire to ships attempting the route.
“If we get to a more disruptive Middle East environment, you will see larger knock-on effects across global markets and asset prices and maybe outlooks for the economy,” Saglimbene said, before adding that “it’s too soon to make those assessments.”
Meanwhile, Trump’s 15% global tariff announced late last month will be implemented this week, Bessent also said Wednesday. Still, he believes U.S. tariff rates would “within five months” return to levels prior to the Supreme Court’s decision to strike down the president’s tariff policy.
