Why Is the US Stock Market Down Today?
The S&P 500 dropped 1.02% to 6,810 on March 3, 2026, as the US-Iran conflict extended and Brent crude briefly surged toward $85. The head and shoulders breakdown flagged last week played out, with the key US stock market index breaching the 6,770 neckline.
Communication Services (XLC) held ground as the most resilient sector, while Basic Materials (XLB) bled the hardest. MongoDB (MDB) crashed 20% on slowing growth guidance.
MongoDB Price: Google
Top US Stock Market News:
- Oil Spikes As Iraq Shuts Rumaila Field, War Enters Day 4: Brent crude briefly surged toward $85 before pulling back to around $81 at press time, as Iraq shut down production at Rumaila — the world’s second-largest oil field producing 1.5 million barrels per day — amid escalating military activity.
The Strait of Hormuz has remained effectively closed since the weekend, with major shippers suspending transits. Rising energy costs compound inflation fears, with traders now pricing in fewer than two Fed rate cuts for 2026 ahead of the March 17-18 FOMC meeting.
BREAKING: Iraq has shut down oil production at Rumaila, the world's second largest oil field which produces 1.5 million barrels of oil per day, amid escalating military activity.
— The Kobeissi Letter (@KobeissiLetter) March 3, 2026- Global Markets Post Largest Declines In Months — South Korea Down 8%, Germany Down 5% at press time: The selloff is global and synchronized. South Korea crashed 8%, Japan fell 6%, South Africa and Germany both dropped 5-6%, while the Nasdaq 100 and China each shed 2%.
Monday’s dip-buy recovery now looks like a false signal — the market is beginning to price in a longer war. Trump added to the pressure by cutting off all trade with Spain after Madrid banned the US from using its military bases for strikes on Iran.
BREAKING: Global stock markets post largest declines in months as Brent oil prices surge above $85/barrel and Trump says the US can fight "forever."
1. South Korea: -8%
2. Japan: -6%
3. South Africa: -6%
4. Germany: -5%
5. Spain: -5%
6. Italy: -4%
7. United Kingdom: -4%
8.…
- Gold Retreats To $5,100, Silver Slides Under $83 As Profit-Taking Kicks In: Gold pulled back sharply to around $5,100 after touching $5,400 on Monday, while silver slipped below $83.
The correction is possibly due to profit-taking after a multi-day rally and DXY strengthening as Brent surges— not a shift in the fundamental safe-haven thesis. The longer the conflict persists, the stronger the floor under precious metals. Bitcoin, at above $68,000, is holding better than its October-to-February decline would suggest, but remains firmly a risk asset in this environment.