Stock Market Today, March 6: Energy Stocks Rise as Oil Closes Over $90 on Middle East Tensions
The S&P 500 (SNPINDEX:^GSPC) fell 1.33% to 6,740.02, the Nasdaq Composite (NASDAQINDEX:^IXIC) slid 1.59% to 22,387.68, and the Dow Jones Industrial Average (DJINDICES:^DJI) dropped 0.95% to 47,501.55 as a weak jobs report and surging oil reinforced risk-off sentiment.
Market movers
Energy stocks were rare gainers, with Diamondback Energy (NASDAQ:FANG) up about 0.84% as crude reached $91, while growth names lagged; smaller-cap biotech Day One Biopharmaceuticals (NASDAQ:DAWN) bucked the sell-off on a buyout deal with independent international pharmaceutical group Servier.
What this means for investors
The day started on a down note after the Bureau of Labor Statistics reported that U.S. payrolls shrank by 92,000 and unemployment rose 10 basis points to 4.4% in February. At the same time, the ongoing conflict in the Middle East pushed oil over $90.
That combination has investors concerned that an environment of stagflation may be upon us. That helped drive energy stocks higher, but most other equities were in negative territory.
Oil experienced its largest weekly increase since 2020 due to concerns over potential disruptions near the Strait of Hormuz. While this development boosts producers, it is negatively impacting nearly every other sector in the S&P 500 as investors reevaluate the duration of sustained inflation.
On the positive side, acquisition news today pushed Day One Biopharmaceuticals stock 66% higher. The biotech company focused on creating and marketing targeted therapies for individuals with life-threatening illnesses will be taken over for $21.50 per share in cash, amounting to a total equity value of around $2.5 billion.
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