To The Moon

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A trader works on the floor of the New York Stock Exchange during International Women's Day, March 9, 2026.

Angela Weiss | AFP | Getty Images

The Dow Jones Industrial Average fell on Wednesday as investors continued to eye developments in the U.S.-Iran war and oil prices.

The 30-stock index shed 289.24 points, or 0.61%, to close at 47,417.27. The S&P 500 inched down 0.08% to settle at 6,775.80, while the Nasdaq Composite ticked up 0.08% to end the session at 22,716.13.

West Texas Intermediate futures climbed more than 4% to settle at $87.25 per barrel. Brent crude gained about 4.8% to end the session at $91.98 per barrel. That's even after the International Energy Agency said it's going to release 400 million barrels of oil — the largest-ever release from its reserves — to target the disruption in supply triggered by the war.

The decision made by the IEA "doesn't solve the other issues that are going to affect the global economy," according to Ron Albahary, chief investment officer at Laird Norton Wetherby. He cited refined products that flow through the Strait of Hormuz such as jet fuel as one of the problems posed.

"I think the markets are wrestling with that idea of what is the off-ramp at this point," he said to CNBC. "Both sides have dug their heels in, and it's hard to see how this comes out positively on the other side in the short term."

A prolonged conflict could keep oil prices elevated. U.S. forces on Tuesday sunk several Iranian ships, including 16 minelayers, near the Strait of Hormuz as Tehran was seeking to mine the critical shipping route at the center of concerns around oil supplies.

The United Kingdom Maritime Trade Operations also said Wednesday that three cargo ships off Iran's coast, one of which was in the Strait, have been struck by projectiles.

This comes just days after President Donald Trump said earlier this week that the war will end "very soon."

"Trump suggesting the war may be ending soon, post an extraordinary surge in oil volatility, may imply his 'pain threshold' has been reached, in our view," wrote Emmanuel Cau, head of European equity strategy at Barclays, in a Wednesday note. "The longer the oil spike persists, the higher the downside risk to earnings and valuations."

The consumer price index increased 2.4% on a year-over-year basis in February. That was in line with what economists polled by Dow Jones anticipated. The report comes after signs of a weakening labor market have grown in recent months.

Oracle shares were a bright spot Wednesday, jumping 9% after the software vendor's earnings and revenue for the fiscal third quarter exceeded analysts' expectations. The company also raised its fiscal 2027 revenue forecast.

Correction: The Eli Lilly live update has been revised to reflect that the Wolfe Research analyst who forecast the company's obesity sales is Alexandria Hammond. A previous version misspelled her name.

19 Hours Ago

Dow finishes lower

The Dow Jones Industrial Average posted a sizable loss on Wednesday, with the blue-chip index dropping 289.24 points, or 0.61%, to 47,417.27.

The S&P 500 closed slightly lower, falling 0.08% to 6,775.80. The Nasdaq Composite, however, rose 0.08% to 22,716.13.

— Sean Conlon

19 Hours Ago

President Trump to clear path to restarting oil production in coastal California, report says

Offshore oil platform with Santa Cruz Island in the background, Santa Barbara Channel, California. 

Marli Miller | Universal Images Group | Getty Images

President Donald Trump is likely to clear a path to restarting oil production in coastal California as part of a move to alleviate oil supply issues tied to the Iran war, per Bloomberg.

Trump plans to ratchet back the regulatory and legal requirements needed for Sable Offshore to produce oil, the publication reported Wednesday, citing a person familiar with the matter. The president would invoke the Defense Production Act, a Cold War-era law, to enable operations to restart.

The potential move comes as the Trump administration faces considerable pressures to tackle sky-high oil prices ahead of midterm elections that are expected to favor congressional Democrats.

— Liz Napolitano

20 Hours Ago

Clean energy ETFs on track for third straight day of gains

Clean Energy ETFs were hovering around record highs early Wednesday, putting them on pace for their third consecutive day of gains.

The Invesco WilderHill Clean Energy ETF was last trading up almost 1% on Wednesday. The iShares Global Clean Energy ETF was trading more than 1% higher on the day.

Fuel cell firm Ballard Power led the rally, alongside Fluence Energy and Bloom Energy. Battery company Amprius Technologies and energy storage firm T1 Energy also notched gains to lead clean energy-based funds higher.

— Liz Napolitano

20 Hours Ago

Outlook for Oracle improves following earnings, Investor Joe Terranova says

Oracle got rewarded for its third-quarter earnings report by investors in trading Wednesday. Investor Joe Terranova thinks the stock's fall could be over now. 

The chief market strategist for Virtus Investment Partners told CNBC's "Halftime Report" on Wednesday that the report "advances the premise of stability" in the company. He noted the stock, which fell more than 58% between September and early February, has stabilized since a low on Feb. 5. 

"What this report does is it gives you a degree of confidence that there actually is the cloud computing execution that allows them to go forward with that $50 billion in capex," he said. Oracle previously fell on concerns of its rising debt levels to finance its artificial intelligence build-out. "There's real questions as you look forward into the future. But I do think this conglomerate has seen some of the massive storm clouds … dissipate," Terranova said. 

While Oracle jumped more than 8% on Wednesday, the stock is still down more than 50% from its 52-week high. 

ORCL since Sept. 1 chart.

— Davis Giangiulio

21 Hours Ago

Stocks making midday moves: Oracle, Papa John's, Campbell's Co.

The Oracle Headquarters in Austin, Texas, on April 24, 2024.

Brandon Bell | Getty Images

Check out some of the companies making the biggest moves midday:

Oracle — Oracle jumped 10% after the cloud infrastructure company gave strong fiscal third-quarter results and lifted its revenue guidance for fiscal 2027. Management lifted its fiscal 2027 revenue outlook by $1 billion to $90 billion. Analysts polled by LSEG had estimated $86.6 billion.

Papa John's — Shares of the pizza chain surged 18% on the news it received a $1.5 billion takeover bid to go private, The Wall Street Journal reported. Investment firm Irth Capital Management offered Papa John's $47 per share, a 50% premium against the stock price before the announcement.

Campbell's Co. — Shares of the Pepperidge Farm cookie and Goldfish cracker maker slid more than 7.5% after disappointing fiscal second-quarter earnings. Campbell's earnings and revenue missed analyst estimates, as did full-year guidance, according to FactSet. Net sales in its snacks business fell by 6% and U.S. soup sales declined by 4%, helping to send the stock to a 23-year low.

Read the full list here.

— Scott Schnipper

21 Hours Ago

U.S. deficit exceeds $1 trillion through February but is lower compared to the year-ago period

The U.S. budget deficit surpassed $1 trillion for the fiscal year through February but was sharply lower than the same period a year earlier, Treasury Department data showed Wednesday.

Outlays exceeded receipts by $308 billion in February, roughly in line with the deficit recorded in the same month a year ago.

For the fiscal year to date, the deficit totaled $1.004 trillion, about 12% lower than the comparable period in 2025, as government revenues rose faster than spending. Read more.

— Jeff Cox

21 Hours Ago

Chubb will be lead insurer in U.S. push to aid shipping amid Iran war

A map shows the Strait of Hormuz on a computer screen on March 3, 2026.

Nurphoto | Nurphoto | Getty Images

Insurer Chubb has been announced as the lead underwriter for a U.S. plan to provide insurance to ships looking to pass through the Strait of Hormuz.

Chubb will work in coordination with the Development Finance Corporation as part of a $20 billion plan to get ships moving again amid supply chain disruptions in the region due to the U.S.-Iran war.

"The commerce passing through the Strait of Hormuz plays a vital role in the global economy, and providing vessels with insurance protection is essential for resuming trade flows," Chubb Chairman and CEO Evan Greenberg said in a statement.

Shares of Chubb didn't react to the initial announcement and are slightly down on the day. Read more.

— Matt Peterson, Davis Giangiulio

22 Hours Ago

Papa John's stock pops as it considers a $1.5 billion takeover bid

Papa John's popped 19% on the news that the pizza chain is reviewing a bid to go private, The Wall Street Journal reported.

Investment firm Irth Capital Management offered to pay $47 per share of Papa John's, which translates to a $1.5 billion valuation. The deal values Papa John's shares at a 50% premium against the stock price before the bid announcement.

The deal comes after Papa John's closed over 100 storefronts globally in 2025 citing underperformance. Papa John's also plans to close 300 of its restaurants by 2027, the company said in an earnings call. The pizza chain also reported a revenue miss last quarter "primarily attributable to a $24 million decline at our Domestic Company-owned restaurants," according to the earnings release.

PZZA 5-day chart

— Itzel Franco

23 Hours Ago

The 10-year yield topping 4.5% 'would be a cause for concern,' Bespoke's Paul Hickey says

While the 10-year Treasury yield at its current level may not signal the market is worried about inflation, investors should be on guard if it surges from here, according to Paul Hickey of Bespoke Investment Group.

"It's been like the S&P 500 — it's just moving up and down in a range," he said on CNBC's "Money Movers" on Wednesday. "If we were to go above 4.5% in short order, I think that would be a cause for concern."

"If you see 4.5% at the end of the year, which I wouldn't expect, that'd be less concerning, but if you see 4.5% in a month or two, that'd be a big concern," he added.

The benchmark yield was last trading at 4.214% after rising more than 7 basis points.

— Sean Conlon

23 Hours Ago

Wolfe raises price target on Eli Lilly, sees more than 30% upside ahead

A drone view shows the Eli Lilly logo on the company’s office in San Diego, California, Nov. 21, 2025.

Mike Blake | Reuters

Eli Lilly's highly anticipated daily GLP-1 pill will solidify its reign over the obesity market, according to Wolfe Research. The firm raised its price target to $1,325 from $1,250, implying 32% upside from Monday's close.

The oral medication, orforglipron, is awaiting approval by the Food and Drug Administration. Analyst Alexandria Hammond, who analyzed launches of statins and PDE5 inhibitors to understand orforglipron's commercial potential, believes that insurance likely will not be a barrier to adoption. She also said there is room for more than one oral weight-loss drug. As a result, Hammond anticipates strong, steady long-term growth.

In total, she forecasts Eli Lilly's obesity sales will hit $78 billion in 2035.

"We expect LLY to maintain its dominance of the obesity market, with 67% share in 2030 and 57% share in 2035," Hammond wrote in a note Wednesday.

— Michelle Fox

Wed, Mar 11 2026 11:03 AM EDT

Campbell’s falls more than 7% after disappointing earnings

Campbell's Co. was the worst performer on the S&P 500 in early Wednesday trading, with its stock hitting a 23-year low. 

The budget food and beverage company was off more than 7.5% after an earnings and revenue miss in its second-quarter report delivered Wednesday before the opening bell. Sales of the company's soup — after which the company used to be named — fell 4% in the U.S. The company also gave weaker-than-expected full-year guidance, according to FactSet. 

CEO Mick Beekhuizen in a press release said the results "fell short of our expectations due to weaker-than-expected performance in Snacks and storm-related shipment disruptions." He added the company was lowering its outlook to take a cautious view for the year, and that it was taking action to stabilize its snacks business, where net sales fell by 6%.

Shares of Campbell's are now down nearly 18.5% in 2026. 

CPB five day chart.

— Davis Giangiulio

Wed, Mar 11 2026 10:15 AM EDT

IEA agrees to release 400 million barrels of oil

Bazilfoto | Istock | Getty Images

The International Energy Agency on Wednesday agreed to release 400 million barrels of oil to address the supply disruption triggered by the Iran war, the largest such action in the organization's history.

The emergency stocks will be made available to the market over a timeframe that is appropriate to the circumstances of its 32 member countries, the IEA said in a statement.

"The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size," IEA Executive Director Fatih Birol said in a statement. Read more.

— Sam Meredith, Spencer Kimball

Wed, Mar 11 2026 9:34 AM EDT

Dow opens lower

The Dow Jones Industrial Average began Wednesday's trading session with losses.

The blue-chip index lost 82 points, or 0.2%. The S&P 500 and Nasdaq Composite rose 0.1% and 0.3%, respectively.

— Sean Conlon

Wed, Mar 11 2026 8:58 AM EDT

Oracle, AeroVironment, Cadre Holdings among the stocks making premarket moves

Check out the companies making headlines before the bell:

Oracle — Oracle shares jumped more than 9% after the cloud infrastructure company gave strong fiscal third quarter results and lifted its revenue guidance for fiscal 2027. Management lifted its fiscal 2027 revenue outlook up $1 billion to $90 billion. Analysts polled by LSEG sought $86.6 billion.

AeroVironment — Shares of the drones maker fell 10% on the back of weak third-quarter results, specifically a hefty miss in revenue. AeroVironment reported adjusted earnings of 64 cents per share on revenue of $408 million for the period, which was less than the 69 cents per share on $476 million analysts were expecting, per LSEG.

Cadre Holdings — Cadre, a maker of safety products, saw shares drop nearly 9%. The company reported fourth-quarter earnings of 27 cents per share, which significantly missed the 40 cents per share estimate from analysts surveyed by FactSet. Its revenue of $167.2 million also fell short of the $182.9 million forecasted.

Read the full list here.

— Liz Napolitano

Wed, Mar 11 2026 8:43 AM EDT

CPI rises 2.4% in February, as expected

People shop at a grocery store in Manhattan on Feb. 27, 2026 in New York City.

Spencer Platt | Getty Images

The consumer price index came in line with expectations, rising 2.4% year on year and 0.3% month on month. Excluding food and energy prices, CPI rise 0.2% on a monthly basis and 2.5% year on year — also matching estimates.

— Fred Imbert

Wed, Mar 11 2026 8:07 AM EDT

J.M. Smucker gets an upgrade from Bernstein

An information-sharing agreement with activist investor Elliott Investment Management and falling coffee prices are bullish signs for J.M. Smucker, according to Bernstein.

The firm upgraded its rating on the food and beverage manufacturer to outperform from market-perform, and hiked its price target to $145, indicating a more than 33% jump from Tuesday's close. 

Analyst Alexia Howard wrote in a Wednesday note green coffee prices falling from $4 per pound to $3 per pound should allow the company to lower the prices of its retail coffee products while still padding its margins. She also wrote that Elliott's arrival "will add some much-needed scrutiny to productivity, capital allocation, and potentially portfolio changes."

J.M. Smucker shares rose 1% in premarket trading after the upgrade. For 2026, the stock is up nearly 11%. 

SJM year-to-date chart.

— Davis Giangiulio

Wed, Mar 11 2026 7:11 AM EDT

Cargo ships struck off Iranian coast, says UK

The Thailand-flagged cargo ship Mayuree Naree engulfed in black smoke in the Strait of Hormuz, March 11, 2026.

Reuters

Three vessels off Iran's coast have been struck by projectiles, the United Kingdom Maritime Trade Operations said on Wednesday, the latest in a flurry of incidents reported in or near the Strait of Hormuz.

One of the ships reported it had been struck 11 nautical miles north of Oman in the Strait of Hormuz, causing a fire onboard and forcing the crew to evacuate, the UKMTO said.

Two other incidents were also reported on Wednesday morning, with one vessel struck by a projectile about 50 nautical miles northwest of Dubai and another sustaining damage off the coast of the United Arab Emirates. Read more.

— Sam Meredith

Wed, Mar 11 2026 4:49 AM EDT

European markets open lower as traders monitor Iran war developments

European stocks opened lower on Wednesday, as traders monitored intensifying operations in the Middle East.

The pan-European Stoxx 600 was down almost 0.8% shortly after the opening bell. London's FTSE 100 was 0.7% down, Germany's DAX shed 1.2%, and France's CAC 40 was 0.6% lower. Italy's FTSE MIB was also down 0.8%.

German arms maker Rheinmetall reported full-year sales of 9.94 billion euros and profits of 1.68 billion euros on Wednesday, saying it's in "prime position to help the US replenish their missile stockpiles" that are being used in the war with Iran.

Read the full story here.

— Sawdah Bhaimiya, Holly Ellyatt,

Wed, Mar 11 2026 4:43 AM EDT

Oil prices inch back toward $90 mark

A family sits against the backdrop of a dockyard off the coastal city of Fujairah, in the Strait of Hormuz in the northern Emirate on Feb. 25, 2026.

Giuseppe Cacace | Afp | Getty Images

Oil prices moved higher early on Wednesday, despite a report that there would be a historic release of emergency reserves from the International Energy Agency.

By 4:35 a.m. ET, global benchmark Brent crude futures rose 2.2% to $89.72 a barrel, while U.S. crude oil gained 2.5% to trade at $85.55 a barrel.

It came after The Wall Street Journal reported that the IEA had proposed the largest ever release of oil from its strategic reserves.

Overnight, it was also reported that American forces had sunk several Iranian ships, including 16 minelayers, near the Strait of Hormuz.

"This conflict needs to end by the end of the week. Otherwise, we'll see oil prices spike back up over $100," asha Foss, energy market analyst at Marex, told CNBC's "Europe Early Europe" on Wednesday.

— Chloe Taylor, Sam Meredith

Wed, Mar 11 2026 3:55 AM EDT

Asia-Pacific markets closed mostly higher Wednesday

Asia-Pacific markets closed mostly higher Wednesday as investors assessed the ongoing Middle East war.

Australia's S&P/ASX 200 rose 0.59% to close at 8,743.5.

Japan's Nikkei 225 jumped 1.43% to end the session at 55,025.37, while the Topix added 0.94% to close at 3,698.85. South Korea's Kospi advanced 1.4% to 5,609.95, while the small-cap Kosdaq closed flat at 1,136.83.

Hong Kong's Hang Seng index fell 0.39%, while the CSI 300 added 0.64% to close at 4,704.50.

— Lee Ying Shan

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