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CNBC's "Fast Money"

Stocks Drop As Oil Surges, Jobs Shock…And Rising Gas Prices Impact On Your Wallet 3/6/26

CNBC's "Fast Money"

CNBC

Investing, News, Business

3.91.3K Ratings

🗓️ 6 March 2026

⏱️ 43 minutes

🧾️ Download transcript

Summary

Oil is ripping higher as the war in the Middle East disrupts fuel supplies — with WTI Crude posting its biggest weekly gain on record. We break down what rising gas prices mean for the consumer with Moody’s Mark Zandi, and the stocks that could benefit as the Strait of Hormuz stays closed. Plus, banks stay under pressure, UBS upgrades pharma, and Wells Fargo’s Michael Schumacher joins to game out what oil — and the latest jobs data — mean for rates, Treasuries and the broader macro picture. Fast Money Disclaimer

Transcript

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0:00.0

Live for the NASDAQ market site in the heart of New York City's Times Square.

0:04.6

This is Fast Monday. Here's what's on top tonight. Oil prices spike. Crew topping $92 a barrel,

0:10.1

trading near two and a half year highs. The impact it is having on every sector of the market

0:14.8

and just how much it could affect the consumer. And turbulence for the travel trade, airlines,

0:19.6

cruise lines, hotel stocks, all under pressure amid flaring tensions in the Middle East. How much pain is left for these names? Plus, the stocks that could benefit from disruption in the Strait of Hormuz. Bank stocks get pummeled again today, and we are counting down to Oracle earnings. Will next week's report help the stock climb back to records? We'll debate that.

0:38.0

I'm Melissa Lee. Come to you live in studio, be at the NASDAQ on the desk tonight. Tim Seymour, Karen Feinman, Bono and Eisen, and Steve Grasso. We start off with another red day on Wall Street stocks dropping across the board with major indices, all closing at their lowest levels of the year of the Dow falling 453 points, notching its worst week since last April.

0:55.8

The SSP and NASAC both dropping about 1.5%. lowest levels of the year of the Dow falling 453 points, notching its worst week since last April.

0:55.9

The S&P and NASAC both dropping about 1.5%. The conflict in the Middle East, spiking oil, yet

1:01.1

again, WTI breaking above $92 a barrel at one point for the first time since 2023, posting its

1:08.0

best week since contracts started trading in 1983.

1:11.6

I think it is not 81.

1:13.6

Prices searching 36% this week and nearly 60% since the start of the year.

1:17.6

Treasury yields taking higher early in the day before retreating.

1:21.6

The tenure hitting its highest in nearly a month, breaking above its 50-day moving average.

1:25.6

All the equity, oil and rate swings coming as

1:28.2

investors digested the latest jobs data this morning. U.S. payrolls unexpectedly falling by

1:33.3

$92,000 in February. The third time in five months of the economy has lost jobs with the unemployment

1:38.9

rate rising to 4.4%. What a wild week we've seen, and yet still 3 and 3 quarters percent away from record

1:45.7

highs in the S&P, Tim. Interesting. And, you know, that payroll number adds another layer to what

1:51.7

was already a concern and, you know, stagflation's coming up now. We can't do this, but it would,

1:57.2

it is interesting to think about what would the market have done on a day when you didn't

2:00.6

have a payroll number that contracted and you had downward revisions to the three

...

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