Markets News, March 2, 2026: Major Stock Indexes End Mixed as Investors React to Developments in Iran; Oil, Treasury Yields Jump

Major stock indexes closed mixed Monday as markets reacted to fighting in the Middle East, while oil and gold futures advanced.

The tech-heavy Nasdaq and benchmark S&P 500 rose 0.4% and 0.1%, respectively, while the blue-chip Dow Jones Industrial Average ended down 0.2%. The Nasdaq had declined as much as 1.6% in morning trading before rallying.

Soon before the closing bell, Reuters reported that Iranian state media said the nation claimed the important Strait of Hormuz was closed and it would set fire to any ship trying to pass. West Texas Intermediate crude oil futures, the U.S. benchmark, traded 8% higher at $72.50 a barrel at 4 p.m. ET.

“We wouldn’t be surprised if any selloff in the S&P 500 on Monday morning turns into a rally, driven by expectations of lower oil prices once the latest Middle East war ends,” Ed Yardeni of Yardeni Research wrote in a note early in the day.

Early Saturday, a military strike killed Iran’s Supreme Leader, Ali Khamenei, and others caused damage throughout the country. Iran, in turn, retaliated against Israel and U.S. interests in several countries across the region. Yesterday, President Donald Trump said the U.S. plans to continue its combat operations in Iran for several more weeks.

Shares of U.S. oil giants Exxon Mobil (XOM) and Chevron (CVX) advanced more than 1%, while those of Occidental Petroleum (OXY) and Phillips 66 (PSX) were up a respective 2% and 3.8%.

Shares of defense contractors Lockheed Martin (LMT), RTX (RTX), and Northrop Grumman (NOC) also jumped, gaining 3.4%, 4.7%, and 6%, respectively, with Northrop Grumman leading the S&P 500. Palantir Technologies (PLTR), another government contractor, surged 5.8% and was among the biggest gainers in the S&P 500 and Nasdaq.

However, airline and cruise stocks dropped, with shares of U.S. carriers Delta Air Lines (DAL), United Airlines Holdings (UAL), and American Airlines Group (AAL) down between 2.2% and 4.4%, and those of cruise operators Norwegian Cruise Line Holdings (NCLH), Carnival (CCL), and Royal Caribbean Group (RCL) down 10.5%, 7.6%, and 3.3%, respectively.

Nvidia (NVDA) shares, which fell 5.5% and 4% the last two trading days last week even though it had reported blockbuster results after the bell Wednesday, rebounded nearly 3% to pace the Dow.

Meanwhile, safe-haven gold futures advanced nearly 2% to $5,335 an ounce—their highest level since hitting a record above $5,625 in late January. Silver futures reversed course and fell nearly 3% to $90.80 an ounce.

The yield on the 10-year Treasury notes, which affects interest rates on all sorts of consumer loans, rose to 4.05% after closing Friday at 3.95%.

Bitcoin, which trades continuously, was at $69,200, up from as low as $63,000 early Saturday in the immediate aftermath of the strikes. The U.S. dollar index, which tracks the value of the greenback against a basket of currencies, was 1% higher at 98.56.