Iran War Sparks Market Selloff: Dow Drops 400 Points as Oil Surges 8%
U.S. stocks endured extreme volatility on March 3 as an escalating U.S.-Iran conflict sent oil prices surging through the Strait of Hormuz crisis, while MongoDB shares crashed 26% on weak guidance and Target rose on a strong earnings beat.
Iran War and Strait of Hormuz Crisis Send U.S. Stocks Tumbling, Oil Surges 8%
The major U.S. indices closed sharply lower on March 3 as investors grappled with the escalating U.S.-Iran military conflict, now in its fourth day. The S&P 500 fell 0.94% to close at 6,816.63, the Nasdaq Composite slipped 1.02% to 22,516.69, and the Dow Jones Industrial Average declined 403 points, or 0.83%, to 48,501.27. The losses were significantly worse intraday — at session lows, the Dow was down more than 1,200 points, the S&P 500 shed 2.5%, and the Nasdaq fell approximately 2.7% — before a partial recovery in afternoon trading.
The central driver of the selloff was Iran's reported closure of the Strait of Hormuz, a critical waterway through which approximately 20% of global crude oil consumption passes. West Texas Intermediate crude surged more than 8% to $77.05 per barrel, while international benchmark Brent crude gained approximately 8% to $83.83 per barrel, its highest level since July 2024. All 11 S&P 500 sectors closed in negative territory, with materials and industrials posting the steepest declines as fears grew that elevated energy prices could reignite inflation. The CBOE Volatility Index (VIX) surged 9%, hitting a three-month high.
Markets pared some losses after President Donald Trump announced that the U.S. Navy would begin escorting oil tankers through the Strait of Hormuz if necessary, and would provide security protections and insurance guarantees for vessels attempting to transit the corridor. Goldman Sachs' oil research team noted that the current oil price premium aligns with market expectations of approximately a four-week supply disruption based on historical price models. U.S. gas prices also rose, with the national average climbing roughly 11 cents to $3.11 per gallon.
MongoDB Shares Plunge 26% After Weak Forward Guidance and Executive Departures
MongoDB (NASDAQ: MDB) shares fell approximately 26% on March 3, closing around $238, down from a prior close near $323, in one of the steepest single-session declines in the company's history. The sharp drop came despite Q4 fiscal 2026 results that exceeded analyst expectations — the company reported non-GAAP EPS of $1.65 versus the consensus estimate of $1.47, and revenue of $695.07 million versus expectations of $669.40 million.
The market reaction was driven primarily by the company's Q1 fiscal 2027 guidance, which projected non-GAAP EPS of $1.15 to $1.19 — significantly below analyst expectations of approximately $1.46. Adding to investor concern were announced departures among senior go-to-market executives, which raised questions about near-term sales execution and strategic continuity. Multiple analysts revised their price targets downward in response: Canaccord Genuity cut its target from $455 to $375, while UBS Group also lowered its expectations for the stock.
The MongoDB selloff adds to a difficult stretch for enterprise software companies, as investors have grown increasingly sensitive to guidance misses in an environment of elevated interest rates. The broader geopolitical volatility from the U.S.-Iran conflict further pressured growth-oriented technology names, which tend to underperform during risk-off market sessions.
Target Q4 Earnings Beat Consensus by 13%, Stock Touches One-Year High
Target Corporation (NYSE: TGT) delivered stronger-than-expected fiscal fourth quarter results on March 3, reporting adjusted earnings per share of $2.44 — exceeding the analyst consensus estimate of $2.16 by approximately 13%. The retailer's shares climbed roughly 4.4% on the news, reaching their highest closing level in nearly a year, providing a notable bright spot against a broadly lower market.
Quarterly revenue came in at $30.49 billion, modestly surpassing estimates of $30.46 billion, though comparable sales declined 2.5% year-over-year and total revenue fell approximately 1.5% from the same period a year earlier. Management attributed the earnings outperformance to disciplined cost controls and operational efficiency improvements. The company also reported $4.48 billion in free cash flow for the fiscal year, which analysts noted strengthens Target's case for continued dividend payments.
For fiscal year 2026, Target guided for earnings per share of $7.50 to $8.50 and projected approximately a 2% increase in full-year net sales — signaling a return to top-line growth after an extended period of comparable sales declines. The guidance helped lift sentiment around the stock even amid the difficult geopolitical backdrop that weighed heavily on broader markets throughout the session.
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Read MongoDB's Official Earnings Release
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