Stock Market Today, March 6: Energy Stocks Rise as Oil Closes Over $90 on Middle East Tensions

By Howard Smith – Mar 6, 2026 at 5:49PM ESTThe S&P 500 (^GSPC 1.33%) fell 1.33% to 6,740.02, the Nasdaq Composite (^IXIC 1.59%) slid 1.59% to 22,387.68, and the Dow Jones Industrial Average (^DJI 0.95%) dropped 0.95% to 47,501.55 as a weak jobs report and surging oil reinforced risk-off sentiment.Market moversEnergy stocks were rare gainers, with Diamondback Energy (FANG +0.95%) up about 0.84% as crude reached $91, while growth names lagged; smaller-cap biotech Day One Biopharmaceuticals (DAWN +65.88%) bucked the sell-off on a buyout deal with independent international pharmaceutical group Servier.What this means for investorsThe 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.Read NextMar 6, 2026 •By Adria CiminoVolatility Is Uncomfortable, Not Dangerous: Why Panic Selling Has Cost Investors More Than Any Market CrashMar 5, 2026 •By Josh Kohn-LindquistStock Market Today, Mar. 5: Oil Surge and AI Export Fears Drag Down Major IndexesMar 5, 2026 •By Sean WilliamsThe Iran War Is Roiling Wall Street -- but 86 Years of History Make Clear What Comes Next for StocksMar 4, 2026 •By Josh Kohn-LindquistStock Market Today, March 4: Coinbase Surges After Trump Signals Support for Digital Asset Market BillMar 4, 2026 •By David DierkingAnother Credit Crash Coming?

This Stress Indicator Is Hitting Financial Crisis Levels.Mar 4, 2026 •By Adria CiminoStock Market Turbulence: How to Invest Wisely and Safely Right NowAbout the AuthorHoward Smith is a contributing Motley Fool stock market analyst covering technology and industrial stocks. Prior to The Motley Fool, Howard spent nearly 30 years supervising quality and operations in the steel industry, mostly with leading steel company Nucor. He holds a bachelor’s degree in metallurgical engineering from Lafayette College and a master’s degree in environmental engineering from Johns Hopkins University.TMFBuilt2LastStocks MentionedS&P 500 IndexSNPINDEX: ^GSPC$6,740.02(-1.33%)-$90.69NASDAQ Composite IndexNASDAQINDEX: ^IXIC$22,387.68(-1.59%)-$361.31Dow Jones Industrial AverageDJINDICES: ^DJI$47,501.55(-0.95%)-$453.19Diamondback EnergyNASDAQ: FANG$180.74(+0.95%)+$1.70Day One BiopharmaceuticalsNASDAQ: DAWN$21.20(+65.88%)+$8.42*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.