NEW YORK — The Dow Jones Industrial Average tumbled more than 1,100 points in early trading on March 3, 2026, as the deepening U.S.-Israel conflict with Iran triggered a sharp global risk-off move, sending oil prices soaring and reigniting inflation fears across Wall Street.
Dow Jones
The blue-chip index (^DJI) fell as much as 1,238 points or 2.5% intraday, trading near 47,784 before partial recoveries, with losses led by energy-sensitive names like Caterpillar, which dropped over 4%. The benchmark closed the prior session on March 2 around 48,904.78, down modestly amid initial conflict jitters, but Tuesday’s sell-off erased those gains and pushed the index toward its steepest single-day decline since April 2025.
Broader markets joined the retreat. The S&P 500 (^GSPC) slid about 2.2% to near 6,742, while the tech-heavy Nasdaq Composite (^IXIC) dropped roughly 2.3% toward 22,268. Trading volume spiked as investors fled equities for safe havens like gold and the U.S. dollar, with the VIX fear gauge climbing sharply.
The catalyst remained the fourth day of intense military exchanges. Fresh U.S. and Israeli airstrikes targeted Iranian facilities overnight, prompting Tehran to vow closure of the Strait of Hormuz — the chokepoint for about 20% of global oil flows — and retaliatory attacks on U.S. interests and allies in Saudi Arabia, Qatar and elsewhere. Brent crude surged another 8-9% toward $84 per barrel, while West Texas Intermediate climbed to around $77, marking levels not seen since 2024 highs and amplifying concerns about sustained supply disruptions.
“This escalation is forcing a rapid repricing,” one market strategist said in a client note. “Oil’s spike revives sticky inflation risks just as markets were digesting Fed policy uncertainty. A prolonged conflict could delay rate cuts and crimp global growth.”
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Treasury yields rose, with the 10-year note climbing above 4.10%, reflecting bets on higher-for-longer borrowing costs. The dollar strengthened against major currencies, while energy and defense stocks provided pockets of relative strength amid broader weakness in consumer discretionary, airlines and tech.
Airlines bore heavy losses from surging fuel costs and flight disruptions: United, American and Delta each fell 3-4%. Broader consumer sectors faced headwinds as higher energy bills threaten household spending.
The Dow’s retreat follows a mixed start to 2026, with the index showing resilience earlier through rotation into value and cyclical names. Yet the latest shock has accelerated a defensive stance, testing support levels near 47,500-48,000. Analysts warn that persistent oil elevation above $80 could complicate the economic soft-landing narrative that buoyed equities through much of the prior cycle.
Global markets echoed the turmoil. South Korea’s Kospi plunged 7.2% — its worst day in years — as a major energy importer. Japan’s Nikkei fell 3.1%, while European benchmarks like the FTSE 100 dropped 2.6% and Germany’s DAX slid 3.4%. Shipping rates surged to record highs on rerouting and insurance concerns.
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Investors monitored diplomatic channels for de-escalation signals, alongside any further military developments. President Donald Trump indicated operations could continue for weeks, with no firm timeline, heightening uncertainty. U.S. officials emphasized strikes aimed at neutralizing threats, but Iran’s threats to global energy chokepoints kept caution dominant.
Energy producers and defense contractors offered counterpoints, with gains in select names on bets of elevated demand and spending. Yet the broader equity sell-off reflected fears of secondary effects: renewed inflation, supply chain strains and potential consumer pullback.
Looking ahead, traders await key economic data and corporate earnings that could either reinforce or ease concerns. The conflict’s trajectory will likely dictate near-term sentiment, with oil stability as a critical barometer.
The Dow’s performance underscores markets’ vulnerability to geopolitical shocks in 2026, balancing long-term growth optimism against immediate inflationary and supply threats from the Middle East.
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As trading unfolds, participants brace for volatility, with the index’s defensive characteristics — lower beta components — providing some cushion amid the storm.
Concurrent Technologies Plc (COTGF) Discusses Full Year Results and Leadership Transition with Strategic Business Updates April 17, 2026 6:30 AM EDT
Company Participants
Miles Adcock – CEO & Executive Director Kim Maria Garrod – CFO & Executive Director
Presentation
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Operator
Good morning, and welcome to the Concurrent Technologies Plc Final Results Investor Presentation. [Operator Instructions]
Before we begin, I would like to submit the following poll. And I would now like to hand you over to CEO, Miles Adcock. Good morning to you.
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Miles Adcock CEO & Executive Director
Good morning, and welcome to our full year results for 2025.
Next slide, please. So my name is Miles. I’m the CEO. This is my fourth set of annual results, and I’m joined by Kim, our CFO. And I should note that at the same time as we issued our full year results, we also announced that Kim has decided to retire at the end of this year. My good friend and colleague, Kim, do you want to say a few words?
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Kim Maria Garrod CFO & Executive Director
Yes. So I achieved a milestone birthday this year, and that made me rethink what I was going to do. So I have decided to retire, but I’m in the business until the end of the year. I’m very excited about the business, and I will be watching it very closely after I’ve gone, and I’ll be regularly calling Miles for updates. But I’m fully committed to the business. And as I say, I’ll be taking out for most of this financial year.
Miles Adcock CEO & Executive Director
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Thank you, Kim. And just to note, Kim has generously given us until the end of the year to seek a replacement, and I’ve engaged Korn Ferry this week, and we’re working hard at finding a worthy successor.
Business groups have urged the government to cut a raft of regulations ahead of the federal budget, but the finance minister says changes have to make sense.
Mumbai: A clutch of large IPOs is expected to prop up India’s primary market in 2026 even as market uncertainty slows down broader activity compared to the previous two robust years, said Ranvir Davda, co-head of investment banking at HSBC India.
“The number of deals may come down, but the size and aggregate value may still be similar (to the previous years),” said Davda in an interview.
Reliance Industries’ telecom arm Jio Platforms, National Stock Exchange, Zepto, PhonePe, Manipal Hospitals and and SBI Funds Management are among the large issuances expected to hit the market in 2026. Together, these issues could raise ₹1 lakh crore (about $10.8-10.9 billion).
So far this year, 20 companies have raised $2.5 billion, according to Prime Database and ETIG Database. That comes after two record years that saw 94 and 115 mainboard IPOs in 2024 and 2025, raising nearly $21-23 billion.
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This year’s IPO fundraise could be between $21 billion and $25 billion.
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“This year, a larger percentage of companies are mid to large-sized,” said Davda. “Many of these are backed by large groups or private equity investors and, therefore, have the flexibility to wait, ride volatility, and avoid pressing forward if valuations are not aligned.” The early part of this year has been slower for the IPO market, with the West Asia conflict weighing on secondary markets, IPO subscriptions and listing gains, prompting several companies to defer offerings. “This year will be volatile. Windows to complete trades will be shorter, so readiness is critical,” Davda said.
At the same time, companies that need capital are showing more willingness to negotiate.
Issuers are increasingly tapping AIFs, family offices and special situations funds alongside traditional investors, while using pre-IPO placements as a bridge to raise capital with visibility to a listing over the next 6-18 months, he said. According to Davda, technology faces sharper scrutiny amid AI disruption, global uncertainty and profitability concerns, though large consumer-tech and fintech offerings are still likely to proceed as “must-own” India exposures.
I focus on long-term investments while incorporating short-term shorts to uncover alpha opportunities. My investment approach revolves around bottom-up analysis, delving into the fundamental strengths and weaknesses of individual companies. My investment duration is the medium to long-term. Ultimately, I aim to identify companies with solid fundamentals, sustainable competitive advantages, and growth potential.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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ET Intelligence Group: The FMCG sector is expected to post a steady March-quarter performance, supported by stable rural demand, gradual urban recovery and volume growth even as pricing remains subdued in several segments. While steady raw material costs during most of the quarter are margin supportive, the recent rise in costs of crude-linked inputs such as packaging materials could weigh on margins. Companies with stronger execution, premium portfolios and better distribution reach are expected to outperform, while category-specific challenges and international headwinds may keep performance uneven across the pack.
Hindustan Unilever is expected to report mid-single digit revenue growth led by 4-5% volume growth. Growth is expected to be broad-based, with beauty and wellbeing growing in double-digits, while home care, personal care and foods & beverages are likely to grow in mid-single digits. The demerger of low-margin ice cream business may support operating margin before depreciation and amortisation (Ebitda margin).
ITC may show pressure in the cigarettes segment amid flat volume and higher taxes while displaying resilience in non-cigarette segments. The FMCG and agriculture related business is expected to remain robust, while paperboards business may grow in single digit. The margin for the cigarettes business is likely to contract amid rising leaf tobacco costs and limited pricing hikes.
Agencies
Books & MARKS HUL, Nestlé and Britannia set for volume-led growth; high tax on cigarettes may weigh on ITC; Dabur may report modest int’l revenue
Nestle India’s consolidated revenue growth is expected to be in double-digits, led largely by volumes in the domestic market while exports may show recovery on a weak base. Normalisation is expected after GST-related disruptions in the previous quarter. However, margin is likely to contract on account of high inflation in the coffee segment. Asian Paints is likely to report better volume growth for the domestic decorative paints segment on a weak base. Upcoming price increase may boost channel restocking thereby aiding primary sales. International business may be subdued due to the Middle East disruption. Margins are likely to improve on stable raw material prices during the quarter, with the impact of recent crude inflation expected to be limited for the March quarter.
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Varun Beverages is expected to report high-single digit revenue growth in the March quarter, with international markets likely to drive momentum through high double-digit volume growth. Ebitda margin is likely to contract, partly due to upsizing in India and ramp-up of snacks in Africa. Britannia Industries may report double-digit revenue growth led by high-single digit volume expansion due to higher grammage in low-unit packs, which account for about two-third portion of sales. Margins are likely to improve supported by stable raw materials prices, especially in January and February. Dabur India is expected to post modest revenue growth, driven by mid-single digit volume growth in the domestic business. However, its international operations, particularly the Middle East and North Africa (MENA) region, which contributes around 8% of revenue may remain weak amid geopolitical tensions. Within domestic categories, home and personal care is expected to deliver double-digit growth, while healthcare and foods may see low single-digit expansion.
Colgate-Palmolive India is expected to report low single-digit volume growth on a weak base, after three consecutive quarters of declines. The margin could contract due to higher promotions and advertisement spends.
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