The February jobs report showed nonfarm payrolls unexpectedly fell by 92,000, widely missing expectations that the US would add 55,000 jobs in the month. The unemployment rate rose to 4.4%, above expectations that it would remain unchanged at 4.3%. The labor market reading was closely watched, as the big shortfall seen could potentially make a case for interest rate cuts.
Oil prices climbed after Qatar’s energy minister predicted the war on Iran will force Gulf exporters to shut off production within days and warned it could spur prices to $150 a barrel. West Texas Intermediate (CL=F) futures rose over 6% to top $86, while international benchmark Brent (BZ=F) crude futures were up nearly 5% at above $89. Both are set for their biggest weekly surge in four years as tanker traffic in the Strait of Hormuz remains at a near-standstill.
Friday’s gains challenge President Trump’s push to put the brakes on the oil rally, which saw the US award India a temporary waiver to buy Russian crude. Concerns are rising about a reheating of inflation, with US gas prices at the pump hitting their most expensive level since 2024.
After a switchback week, the S&P 500 (^GSPC) is on track for a weekly decline, while the Dow (^DJI) has fallen over 2% and breached negative territory for 2026. The Nasdaq Composite (^IXIC) may buck the trend and eke out a small weekly gain.
Daily Market Coverage Mar. 6, 2026 9AM-11AM (ET) | Yahoo Finance
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