Market Indexes Fight Off Deep Lows 2nd-Straight Day

Thursday, March 5th, 2026

Oil prices and the war in the Middle East once again gripped the regular trading day today, and once again investors marched back up from deep red levels to something more respectable: the Dow closed down -784 points, -1.61% (but had dragged down another -1200 points in afternoon trading), the S&P 500 was -38 points, -0.56%, the Nasdaq -58, -0.26% and the small-cap Russell 2000 lost -51 points, -1.95%.

Oil prices, based on fears Iran could close off the Strait of Hormuz, jumped to their highest levels since July of 2024: WTI +$81 and Brent crude +$85 per barrel (bbl). Considering this pathway is responsible for 20 million barrels of oil per day, this could be a significant development in the ongoing struggles. I mean, we could wring Venezuela dry and still not come up with 20 million bbl per day.
 

Earnings Reports After the Bell: COST, GAP, MRVL

Costco COST posted its fourth-straight quarterly earnings beat after today’s closing bell, with $4.58 per share outpacing estimates by 3 cents and revenues of $69.6 billion bettering the $69.24 billion anticipated for the quarter, and growing +9.1% year over year. Later Lunar and Chinese New Years helped bolster its Other International Sales +18%, as compared to +5.2% in the U.S. Shares are down slightly on the news, but still +14% year to date.

Gap Inc. GAP only met estimates on its Q4 bottom line report today, at $0.45 per share, while coming in slightly below expectations on its top line: $4.2 billion versus $4.24 billion in the Zacks consensus. Gross Margins fell -80 basis points (bps) year over year to +38.1%. Flagship Gap stores performed fine, +7% in the quarter, but Athleta hit the skids, -10%. Shares have, as well, in late trading — down -9.5% and swinging the stock into negative territory year to date.

Chip-maker Marvell Technology MRVL notched slight beats on both top and bottom lines this afternoon in its Q4 earnings report. Earnings of $0.80 per share outpaced estimates by a penny, while revenues of $2.22 billion surpassed the Zacks consensus of $2.20 billion. Gross Margin guidance for the current quarter averages near +59%, and investors are taking shares up +8% in late trading on the news (still -3% year to date).

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