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Squawk on the Street

Stocks Tumble and Oil Extends Rally as Iran Conflict Widens 3/3/26

Squawk on the Street

CNBC

News, Investing, Business

4.0566 Ratings

🗓️ 3 March 2026

⏱️ 43 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber discussed what investors should make of stock markets tumbling worldwide — and oil prices extending Monday's big rally -- on fears of a prolonged Middle East conflict, with the Iran war now in its fourth day. Private credit concerns also in the mix: Shares of alternative asset managers under pressure after Blackstone said its flagship private credit fund was hit by a surge in redemptions. Also in focus: More woes for software as MongoDB plunges, what JPMorgan Chase CEO Jamie Dimon told CNBC about the Iran conflict and inflation, travel stocks extend losses, the deal that sent one particular stock soaring by 60%, Best Buy and Target rise on earnings. Squawk on the Street Disclaimer

Transcript

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0:00.0

Market Moving Insight and Analysis.

0:02.0

Join Jim Kramer, David Faber, and me, Carl Kainteneah, on the opening bell hour of CNBC Squawk on the Street.

0:12.0

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kaintena with Jim Kramer, David Faber,

0:18.0

at Post 9 of the New York Stock Exchange.

0:20.0

Stocks do look to open roughly where we started the day yesterday, maybe a bit below as the Iran war

0:26.1

intensifies. The president says it could go on, quote, far longer than four weeks. Oil goes to 77.

0:32.4

Bonds begin to price in fewer rate cuts. A roadmap begins with this rising geopolitical risk for investors amid fears of a spreading and

0:40.9

prolonged Mid-East War.

0:42.7

President says, quote, wars can be fought forever.

0:45.7

Plus the new warning signs for the private credit market.

0:49.6

This is Blackstone, sees a surge in withdrawals from one of its flagship private credit funds.

0:55.0

It's an interview you're not going to want to miss an hour and a half from now.

0:58.0

John Gray is going to join us right here on set at Post 9.

1:01.0

Talk about that, B-Reed and a host of other topics.

1:05.0

And OpenAI making changes to its Pentagon deal.

1:08.0

This is its CEO, Sam Altman, says it look, quote, opportunistic and sloppy.

1:14.2

Let's begin with futures sliding again today, and oil prices extending yesterday's gains.

1:19.2

Fears of a prolonged amidstice conflict, rattling stock markets worldwide, now in its fourth day.

1:24.8

Brent goes to 85, highest level since July of 24. Matt gas pacing for the

1:30.1

worst week since March 2022. Jim, retail gas now is probably going to go at 311. And the two-year,

1:38.5

about at one month high, it's getting harder and harder to see how Warsh has a path to cut more

1:43.0

rates. Well, I agree. I think that one of the problems we have is that you thought if you take out the head of the snake, the snake dies. It turns out that there are a lot of different instructions given a lot of different people in Iran to continue to fire drones. You know, it's funny. When you look at all the people talking about how it's not a problem

...

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