Daily Market Briefing — 04 March 2026
Global markets tumbled overnight as escalating Middle East conflict sent oil soaring and equities into sharp retreat, with South Korea's Kospi plunging 12% and Asian indices extending Tuesday's brutal selloff.
Market Recap
UK and US equity markets closed sharply lower on Tuesday as geopolitical tensions intensified. The Nasdaq 100 declined 1.03% to 24,720.08, and the Dow Jones shed 1.37% to 48,501.27 after falling more than 1,200 points at the session low. Stock futures pointed to further losses overnight as traders monitored developments in the US-Iran conflict.
Key Movers & Themes
- Geopolitical risk dominates: Markets reacted violently to the escalating Middle East conflict following US and Israeli strikes that killed Iran's Supreme Leader Ayatollah Ali Khamenei. The Dow curtailed losses from a 1,200-point intraday decline but still closed down over 400 points.
- Oil shock fears resurface: Energy prices surged for the third consecutive day as the conflict posed fresh challenges to central banks grappling with renewed inflation risks. Trump pledged US Navy protection for ships in the Middle East 'if necessary' to keep energy supplies flowing.
- Corporate movers: CrowdStrike delivered an upbeat earnings outlook citing 'elevated demand' for its Falcon cybersecurity platform in the AI era. Ross Stores rallied on expectations of sales gains following a 'very strong start' to spring shopping. Moderna shares jumped on a patent dispute settlement that clears its vaccine pipeline.
Economic Calendar — What to Watch Today
- 15:00 GMT — US ISM Services PMI (Feb): Forecast 53.5 vs Previous 53.8 [HIGH IMPORTANCE]
- 13:15 GMT — US ADP Employment Change (Feb): Forecast 50K vs Previous 22K [MEDIUM IMPORTANCE]
- 10:00 GMT — EU Unemployment Rate (Jan): Forecast 6.2% vs Previous 6.2% [MEDIUM IMPORTANCE]
- 15:30 GMT — US EIA Crude Oil Stocks Change (Feb/27): Forecast +2.2M vs Previous +15.989M [MEDIUM IMPORTANCE]
- 12:00 GMT — US MBA 30-Year Mortgage Rate (Feb/27): Previous 6.09% [MEDIUM IMPORTANCE]
Technical Levels to Watch
| Instrument | Support | Resistance |
|---|---|---|
| S&P 500 | 6,710 / 6,650 | 6,890 / 6,950 |
| NAS100 | 24,315 / 24,000 | 24,975 / 25,345 |
| US30 | 47,625 / 47,000 | 49,175 / 49,815 |
Commodities & Currencies
| Instrument | Price | Change | % Change |
|---|---|---|---|
| WTI Oil | $76.68 | +$9.66 | +14.41% |
| Brent Oil | $83.90 | +$11.42 | +15.76% |
| Gold | $5,157.40 | -$73.10 | -1.40% |
| Silver | $84.75 | -$7.93 | -8.56% |
| Natural Gas | $3.050 | +$0.190 | +6.68% |
| GBP/USD | 1.3334 | -0.0224 | -1.65% |
| EUR/USD | 1.1614 | -0.0201 | -1.70% |
| USD/JPY | 157.44 | +1.24 | +0.80% |
| Bitcoin | $68,486.24 | +$1,490.38 | +2.22% |
Energy markets dominated commodity trading as WTI crude surged 14.41% and Brent jumped 15.76% on their third consecutive day of gains, driven by fears the Iran conflict could disrupt supplies through the Strait of Hormuz. Safe-haven flows proved mixed: gold retreated 1.40% despite geopolitical uncertainty, while silver plunged 8.56%. The dollar strengthened broadly, pushing GBP/USD down 1.65% and EUR/USD lower by 1.70%, while USD/JPY gained 0.80%. Natural gas climbed 6.68% on supply concerns.
Trading Outlook
Risk-off sentiment dominates as markets brace for further Middle East developments and key US services data at 15:00 GMT, with the VIX hitting its highest level since November. Any signs of de-escalation in the Iran conflict or softer-than-expected ISM Services PMI could trigger a sharp reversal in both energy prices and equity positioning.
This briefing is generated using AI analysis of market data and news feeds, reviewed by the ChartsView team. It does not constitute financial advice. Always do your own research before making trading decisions.