U.S. and Global Markets Plunged 3% as Energy Prices Soared 8%

Barry Adams
03 Mar, 2026
New York City

World stock indexes turned sharply lower, and crude oil prices soared after conflict in the Middle East engulfed at least eleven nations for the third day in a row. 

The S&P 500 index decreased 2.2%, and the tech-heavy Nasdaq Composite dropped 2.7% as investors begin to factor in the likelihoods of a prolonged war in the Middle East. 

The prices of crude oil soared 8% and natural gas jumped 7% in New York and advanced a whopping 39% in Europe. 

Natural gas futures prices surpassed the 2023 high and reached €60.25 per MWh after surging almost 39% in the previous session.

Energy prices catapulted for the second consecutive day after Iran closed down the Strait of Hormuz, a transit thoroughfare for about one fifth of global oil and gas shipments.

The fears of a prolonged war dragged down market indexes in South Korea by 7%, in Japan by 3%, in Hong Kong by 1%, in India by 1%, and in Europe between 3% and 4%. 

 

U.S. Movers 

MongoDB plunged 28% to $235.37 after the database software company's current-quarter estimate fell short of market expectations. 

Target Corp. jumped 4.4% to $118.51 after the retail store chain operator reported results for the fiscal fourth quarter ending on January 31. 

Net sales decreased to $30.5 billion from $30.9 billion, net income fell to $1.04 billion from $1.1 billion, and diluted earnings per share eased to $2.30 from $2.41 a year ago. 

The company estimated fiscal 2026 net sales to rise 2%, earnings per share of $7.50, and adjusted earnings per share of $8.50.

The big-box retailer added that sales and traffic picked up in the last two months of the holiday quarter, and February sales rose compared to a year ago.

The Minneapolis-based retailer did not repurchase any shares in the fourth quarter, and as of the end of the fourth quarter, the company had approximately $8.3 billion available under the repurchase program.

Plug Power Inc. jumped 13.8% to $2.06 after the hydrogen fuel cell and electrolyzer systems developer reported strong sales in the fourth quarter. 

Best Buy jumped 14% to $70.57 after the electronics retailer reported better-than-expected fiscal fourth-quarter results.