Stock Market Live March 9, 2026 - S&P 500 (SPY) Drops as Oil Gushes Higher

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5 minutes ago

Oil prices are cooling off, dropping back under $100. All after G7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, said, “We stand ready to take necessary measures, including to support global supply of energy such as stockpile release,” said the Group of Seven nations in a release after meeting virtually.”

1 hour ago

Commercial real estate giant CoStar (CSGP) plunged since peaking at $70 a share. Now at $48.38, two activist investors, including D.E. Shaw and Third Point, want the company to scale back its investments in Homes.com. Plus, it’s seeing healthy insider buying.

As noted by Barron’s, “Both activist firms previously secured board seats and created a capital allocation committee in 2025, but they argue those changes haven’t improved performance. Third Point renewed its campaign in January, with CEO Daniel Loeb calling the board ‘feckless’ and demanding a change in strategy.”

Board director Rachel Glaser just bought 1,000 shares for $44.94 a share for $197,873. President of marketplaces Fred Saint bought 20,000 shares on March 1 at an average price of $45.33 for about $906,600. CEO and Founder Andy Florance also picked up 55,720 shares for $44.52 a share for about $24.8 million.

5 hours ago

With Iran threatening to destroy tankers in the Strait of Hormuz, energy prices have exploded higher. And unfortunately, with no end in sight, that threat will send oil even higher.

“The plan is to get oil and natural gas and fertilizer and all the products from the Gulf flowing through the straits before too long,”  said Energy Secretary Chris Wright. “We’re massively attriting their ability to strike with missiles and drones, and that rate of attrition will increase in the coming days. So we’ll be cautious, we’ll be careful, but energy will flow soon.”

According to Wright, a large tanker did go through without any incident, as compared to the 100 tankers and cargo ships that pass through every day. Plus, he says the disruption should only last weeks. So, hopefully, even the pain at the gas pump won’t last long either.

Well off their worst levels, the major indices are still stuck in the red.

But that’ll happen when oil briefly touches $120.

At the moment, the S&P 500 is down 1.05%, or by 71 points. The SPDR S&P 500 ETF (SPY) is down by 1.17%, or by $7.88. The Dow is down 1.11%, or by 528 points. The NASDAQ is down 1.16%, or by 287 points. Gold is down $87 at $5,087. Bitcoin is up nearly $1,500.

Unfortunately, we could see markets plunge even more.

All of which depends on what happens next in the U.S.-Iran war and with the blocked Strait of Hormuz. Not helping, Middle East countries are cutting oil production. Kuwait announced precautionary cuts to oil production because of “Iranian threats against safe passage of ships through the Strait of Hormuz,” as quoted by CNBC.

Iraq’s production has fallen apart. Production from its three main oilfields fell 70% to 1.3 million.  Before the war with Iran, those fields were pumping out 4.3 million bpd. That’s all happening because they’re running out of storage space because of the Strait of Hormuz.

As noted by The New York Times, “The average price of U.S. gasoline reached $3.48 a gallon, according to data from the AAA motor club. That is a nearly 17 percent increase since the first U.S.-Israeli attacks on Iran on Feb. 28. Gas hasn’t been at these levels since 2024.”

To trade the chaos, investors can always jump into Exxon Mobil, Chevron, and Occidental Petroleum. However, if you want to diversify at a lower cost, ETFs offer good value.  In fact, here are three energy ETFs pushing higher with oil.

SPDR Energy Select Sector ETF (XLE)

With an expense ratio of 0.09%, the XLE ETF provides exposure to companies in the oil, gas, and consumable fuel, energy equipment, and services industries, as noted by State Street SPDR. Since February 20, the XLE ETF has run from about $54.50 to a high of $57.88 so far.

SPDR S&P Oil & Gas Exploration & Production ETF (XOP)

With an expense ratio of 0.35%, the ETF provides exposure to 51 oil and gas exploration and production segment of the S&P TMI, which comprises the following sub-industries: Integrated Oil & Gas, Oil & Gas Exploration & Production, and Oil & Gas Refining & Marketing, as noted by State Street SPDR. Since February 20, the XOP ETF has run from about $150 to $164.

iShares Global Energy ETF (IXC)

With an expense ratio of 0.40%, the iShares Global Energy ETF seeks to track the investment results of an index composed of global equities in the energy sector. Some of its 50 holdings include Exxon Mobil, Chevron Corporation, BP PLC, Total SA, and EOG Resources. Since February 20, the IXC ETF has run from about $50.60 to $53.40 so far.