US stocks fell sharply Tuesday but closed well off their intraday lows as investors weighed an escalating war in Iran, a spike in oil, and the risk of stickier inflation. The Dow, S&P 500, and Nasdaq all finished lower for a second straight session after recovering from losses that at one point exceeded 1,000 points on the blue-chip index.
Index performance
Major averages staged a notable intraday comeback but still ended solidly in the red.
- Dow Jones Industrial Average: closed down roughly 0.83%, or about 400 points, after earlier tumbling more than 1,200 points.
- S&P 500: finished lower by about 0.94%, after being down more than 2% at the lows.
- Nasdaq Composite: declined around 1.02%, leading the downside as growth and tech names remained under pressure.
Breadth was weak, with decliners far outpacing gainers, and risk appetite stayed subdued despite the late-session stabilization.
Geopolitics, oil, and inflation
The session was dominated by headlines out of the Middle East as U.S. and Israeli strikes on Iranian targets continued and Tehran expanded attacks on energy infrastructure and shipping in the region. Nearly halted tanker traffic through the Strait of Hormuz and strikes on facilities across multiple countries fueled a sharp move higher in crude and refined products.
Brent crude briefly traded above the mid‑80s before settling around the low‑80s, up roughly 5% on the day, while U.S. benchmarks gained in the high‑single‑digit percentage range. Heating oil, gasoline, and natural gas futures also jumped, reinforcing worries that higher energy costs could re‑ignite inflation just as the Federal Reserve was expected to move toward rate cuts.
Rates, safe havens, and sentiment
Rising oil and war uncertainty pushed investors into classic safe havens, lifting the dollar while pressuring risk assets. Gold futures 3.70% as the dollar index advanced..
U.S. Treasury yields rose earlier as traders priced in the inflationary impact of oil, with the 10‑year note yield moving above 4% before easing back to just over 4.05% into the close. This back‑and‑forth in yields mirrored shifting expectations around how much the conflict could complicate the Fed’s path and delay any pivot to easier policy.
Sector and stock movers
Energy shares outperformed as investors rotated toward perceived winners from higher crude prices, while economically sensitive and rate‑sensitive pockets lagged.
- Energy: Oil and gas producers, refiners, and services names benefited from the spike in crude and product prices
- Cyclicals and small caps: Industrials, materials, and smaller domestically focused companies underperformed amid fears of slower growth and higher input costs
- Tech and growth: High‑multiple tech and communication stocks saw outsized selling as investors de‑risked and reassessed valuations in a higher‑for‑longer inflation scenario
- Kontoor Brands (KTB), Ingram Micro (INGM), Intapp (INTA), and several growth and cyclicals posted outsized gains on Tuesday, standing out against a risk‑off tape driven by Iran war concerns. The common thread across most of these movers was either fresh guidance, earnings momentum, or direct leverage to themes like defense, energy, and productivity software.
- AST SpaceMobile (ASTS, $92.68, +6.63%) reported its first full year of meaningful revenue in 2025, delivering approximately 70.9 million dollars, at the high end of its guidance range. That top line is driven largely by two engines: mobile network operator (MNO) partners and the U.S. Government, a pairing that would make most telecom CFOs nod approvingly.Product revenue has begun to scale as AST SpaceMobile shipped 15 gateway sites across five continents, effectively seeding the ground segment for its space‑based cellular network. On the services side, multiple U.S. Government contracts are already producing revenue as agencies test specialized use cases for the company’s direct‑to‑device architecture.
Even with some late‑day bargain hunting, the tone across sectors reflected a classic risk‑off posture centered on war, oil, and inflation rather than company‑specific news.
Big picture
The market’s ability to retrace a large portion of its early plunge suggests investors are not yet pricing in a worst‑case scenario, but volatility around geopolitical headlines remains elevated. With the Iran conflict threatening key energy infrastructure and shipping lanes, traders are increasingly focused on whether a sustained oil shock could derail disinflation progress and force the Fed to stay restrictive longer than anticipated.finance.
VP Watchlist Updates
Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.
Eupraxia Pharmaceuticals (EPRX, $8.02)
Eupraxia Pharmaceuticals Inc. (“Eupraxia” or the “Company”), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, recently announced the successful closing of its previously announced public offering (the “Offering”) of 7,607,145 common shares of the Company (the “Common Shares”), which includes the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of US$7.00 per Common Share, and pre-funded warrants to purchase up to 1,428,571 Common Shares in lieu thereof (the “Pre-Funded Warrants”) at a price of US$6.99999 per Pre-Funded Warrant, which equals the public offering price per Common Share less the C$0.000001 per share exercise price of each Pre-Funded Warrant, for gross proceeds of approximately US$63.2 million, before deducting the underwriting commissions and estimated expenses incurred in connection with the Offering.“We are pleased to complete this financing, allowing us to significantly expand our pipeline, reach several additional development milestones with EP-104GI for eosinophilic esophagitis, and make meaningful progress towards commercial readiness,” said James Helliwell, CEO of Eupraxia. “We appreciate the support from both existing and new investors as we execute our mission and pursue the next phase of growth for Eupraxia.” Cantor and LifeSci Capital acted as joint book-running managers for the Offering. Bloom Burton and Craig-Hallum also acted as co-managers for the Offering. As previously stated, the Company intends to use the net proceeds from the Offering primarily for the continued advancement of EP-104GI for Eosinophilic Esophagitis, including the completion of ongoing preclinical studies, and Phase 2 clinical trials, preparations for a Phase 3 clinical trial including the related regulatory submissions, and manufacturing activities, and to undertake the necessary commercial/market development activities to prepare for the eventual product launch. The Company also intends to use a portion of the proceeds to accelerate and expand its plans to pursue clinical studies with EP-104GI in multiple additional gastrointestinal indications, including in esophageal strictures and fibrostenotic Crohn’s disease. A portion of the proceeds will be allocated to research and development of additional pipeline candidates, business development initiatives, and general corporate purposes, which may include but are not limited to employee salaries, working capital, leases for facilities, administrative expenses, and capital expenditures. The Company may also use a portion of the proceeds to expand its intellectual property portfolio and strengthen its corporate infrastructure to support future growth.
Modular Medical (MODD $.168, +7.01%)
- Modular Medical has priced a public offering of 68,098,000 shares of common stock (or pre-funded warrants) alongside warrants to buy an equivalent number of shares, targeting gross proceeds of about 12 million dollars before fees. The combined public offering price of roughly 17.62 cents per share and accompanying warrant comes at a premium to the prevailing market, a rare feat in a sector where financings often resemble clearance sales rather than premium shelf space.
- Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
FIGS, Inc. (FIGS, $16.96)
- FIGS, the direct‑to‑consumer healthcare apparel brand, operates at the intersection of e‑commerce and specialty retail, with a loyal professional customer base and a growing product portfolio. While macro headwinds and digital‑ad volatility have pressured some consumer names, FIGS’ brand equity in the medical community and ongoing product innovation offer levers for renewed growth as conditions normalize.
- After the close (Feb. 26), FIGS released its fourth quarter and full year 2025 financial results and published a financial highlights presentation on its investor relations highlighting the following: Exceeded Top and Bottom Line Expectations, Grew Q4 2025 Net Revenues 33.0% to a Record $201.9 Million, Achieved Q4 2025 Net Income Margin of 9.2% and Adjusted EBITDA Margin of 13.2% & Plans Low Double-Digit Net Revenues Growth and Margin Expansion in FY 2026. FIGS shares have traded up to $13.74 in the aftermarket today.
GeoVax Labs (GOVX, $1.57, +.64%)
- GeoVax announced (Feb. 24) the formation of its Oncology Advisory Board with the appointment of three internationally recognized leaders in immuno-oncology, translational medicine, and clinical development. This Advisory Board will play a central role in guiding the scientific, translational, and clinical advancement of GeoVax’s oncology program, focused primarily on Gedeptin(R), the company’s gene-directed enzyme prodrug therapeutic (GDEPT). GeoVax plans to conduct a Phase 2 trial with Gedeptin in the neoadjuvant setting, pairing it with an immune checkpoint inhibitor (ICI) in locally advanced head and neck squamous cell carcinoma. In parallel, it will be evaluating combination Gedeptin + ICI strategies across additional solid tumor indications.
- GeoVax announced on Wednesday, Feb. 18 that it has entered into an exclusive worldwide license agreement with Emory University for intellectual property covering the use of Gedeptin(R) in combination with immune checkpoint inhibitors (ICIs).
- On February 17, GOVX issued a statement endorsing the urgent call to action articulated by Rosamund Lewis, MD (WHO Head, Poxviruses Programme) and colleagues in their recently published PLOS Medicine article, “The mpox epidemic is not over: Reducing disproportionate burden in Africa and persistent global risk require a sustained response.” (https://journals.plos.org/plosmedicine/article/file?id=10.1371/journal.pmed.1004893&type=printable)
- Shares can gap sharply on any trial or regulatory update, positive or negative.
DoubleVerify (DV, $10.16)
- DoubleVerify, the leading software platform for digital media measurement, data and analytics, today announced financial results for the fourth quarter and full year ended December 31, 2025 and highlighted the following: Increased 2025 Revenue by 14% Year-over-Year to $748.3 Million, Driven by Global Growth in Social, CTV Measurement, and Programmatic Activation, Achieved 2025 Net Income of $50.7 Million and Adjusted EBITDA of $245.6 Million, representing a 33% Adjusted EBITDA margin, & $300 Million Authorized for Share Repurchases, the Largest Amount in DoubleVerify’s History.
The InterGroup Corporation (INTG, $31.32)
- InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.
Serina Therapeutics (SER, $1.77)
- Serina Therapeutics, a clinical-stage biotechnology company advancing drug candidates enabled by its proprietary POZ Platform™ drug optimization technology, announced (Feb. 19) that the first patient has been enrolled in the Company’s Phase 1b registrational trial evaluating. The Phase 1b registrational study is designed to evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of SER-252 in patients with advanced Parkinson’s disease whose symptoms are inadequately controlled by current standard-of-care therapies. Serina remains on track to initiate dosing during the current quarter, consistent with previously disclosed guidance.
Volato Group, Inc. (SOAR, $3386, +7.12%) & M2i Global, Inc. (MTWO)
- Volato and M2i Global reaffirmed their goal of closing their business combination in the first quarter of 2026, citing steady advancement through SEC review and integration planning as they move toward a combined listing. The deal, originally announced in 2025, will effectively transition Volato from a pure‑play private aviation operator into a diversified platform spanning aviation technology and critical minerals, with M2i shareholders expected to own the majority of the combined entity. Operationally, the partnership is already visible: the two companies recently initiated their first shipment of titanium ore from Western Australia to the United States from Titanium X, underscoring how the critical‑minerals vertical could become a meaningful growth engine as domestic supply‑chain security rises in strategic importance.
- On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.
NVIDIA (NVDA, $180.05)
- Nvidia delivered strong fourth-quarter results recently, posting revenue of $68.1 billion, well above analyst expectations. Looking ahead, the company projects $7.8 billion in revenue for the first quarter of 2026, reflecting continued robust demand for its AI chips even amid broader market headwinds.
McDonald’s (MCD, $332.17)
- Options data around the February 2026 expiries highlight active positioning near the 300–305 strike range, consistent with expectations for steady but not explosive upside from here.
- In the run-up to World Protein Day on 27th February, McDonald’s India (West & South), owned and operated by Westlife Foodworld, is celebrating Protein Week, reinforcing its leadership in nutrition-led innovation. Making protein more accessible, affordable and customizable, Indian consumers can use the McDonald’s app to explore these nutritious offerings and avail of protein burgers starting at just INR 69. Enhancing this convenience, consumers ordering via McDelivery can also enjoy free delivery on the Protein Plus meal range.
Nokia (NOK, $8.07)
- On March 2, Nokia (NOK) and TIM Brasil announced and are are quietly rewriting the script for Latin America’s telecom sector, rolling out an AI‑ready 5G network that targets nearly half of Brazil’s population while giving enterprises a front‑row seat to the AI industrial era. The expanded partnership takes what TIM started in São Paulo and extends it across 14 additional states, ultimately reaching regions that together represent roughly 42% of Brazil’s population. The upgraded network leans on Nokia’s latest AirScale portfolio, including energy‑efficient Habrok Massive MIMO radios, Remote Radio Heads and small cells designed to boost capacity, improve indoor coverage and cut power consumption at the same time. In practical terms, this is less about bragging rights on speed tests and more about building a platform for AI‑driven services: the architecture is being designed from the ground up to support 5G Advanced, 6G and AI‑native workloads at the edge, not just another round of radio swaps.investing+2
- On Feb. 26, Nokia announced that it has been selected by Telefónica for the deployment of networking solutions to support new Edge data center networks across Spain, marking a significant step forward in Telefónica’s next-generation digital infrastructure journey. Featuring high speed, ultra-low latency, and strong reliability, Nokia’s data center networking solutions will be implemented in Telefonica’s 17 new Edge nodes that deliver Artificial Intelligence (AI), B2B, and Telco Cloud services across residential, enterprise, and public sectors—reinforcing Spain’s position as a leader in advanced digital infrastructure in Europe.
- On Feb. 24, Nokia and AWS showcase industry-first agentic AI-powered network slicing with du and Orange
- Industry-first intent-based 5G-Advanced slicing with agentic AI offers telecommunication providers with premium network slicing services that respond to real-world situations and enable autonomous intelligence.
- This breakthrough innovation inferences and leverages open Internet data, including traffic, events, locations, maps and operator data for network slicing business.
- du and Orange first to explore this innovative slicing solution that adapts automatically to support customer demand.
Opendoor (OPEN, $4.97)
- Opendoor Technologies, a leading e-commerce platform for residential real estate transactions, reported financial results for its fourth quarter and year ended December 31, 2025. They highlighted the following: October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23%.
- Opendoor continues to navigate a challenging housing backdrop characterized by still‑elevated mortgage rates and tight existing‑home inventories, which weigh on transaction volumes even as affordability slowly improves. The company’s focus on disciplined acquisition spreads, inventory turns, and ancillary services remains central to the investment debate as markets handicap the pace and magnitude of any 2026 housing recovery.
Mobix Labs (MOBX, $1.12, +532.77%)
Mobix Labs, Inc. (Nasdaq: MOBX) today issued a brief update following its earlier announcement of a production purchase order supporting the U.S. Navy’s Tomahawk cruise missile program, emphasizing that the order reflects increased procurement associated with ongoing missile production. The order supports near-term manufacturing schedules and increased volumes of Mobix Labs’ high-reliability filtering component—an already-qualified, mission-essential part integrated into the established defense production supply chain. Mobix Labs continues to support multiple active U.S. military platforms and remains focused on disciplined execution across defense and aerospace programs requiring production-ready, high-reliability components.
The Sources
- Yahoo Finance – “Dow, S&P 500, and Nasdaq slide as oil rises amid war worries”
https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-and-nasdaq-slide-as-oil-rises-amid-war-worries-193537739.html[finance.yahoo] - Yahoo Finance – “Stocks set to slide as investors focus on the Iran war’s impact on oil”
https://finance.yahoo.com/news/stocks-set-slide-investors-focus-133245686.html[finance.yahoo] - Yahoo Finance – “Stock market today: Dow, S&P 500, Nasdaq trim losses but end sharply lower as Wall Street assesses Iran war worries”
https://nz.finance.yahoo.com/news/stock-market-today-dow-sp-500-nasdaq-futures-sink-as-iran-conflict-escalates-235309346.html[nz.finance.yahoo] - CNBC – “Stock market news for March 3, 2026”
https://www.cnbc.com/2026/03/02/stock-market-today-live-updates.html[perplexity] - Wall Street Journal – “Stock Market Today: Dow Pares Early Decline, Oil Climb Moderates”
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-03-03-2026[wsj] - Barron’s – “Dow Dives as Iran Attacks Spread”
https://www.barrons.com/livecoverage/stock-market-news-today-030326[barrons] - Reuters – “US stocks pull back as Iran war concerns deepen”
https://www.reuters.com/business/us-stocks-sell-off-iran-war-concerns-deepen-2026-03-03/[reuters] - CNN Business – “Stocks sink as Wall Street fears a prolonged war with Iran”
https://www.cnn.com/2026/03/03/investing/us-stocks-iran[cnn] - MarketWatch – “Stock Market Today: Dow down 250 points, S&P 500 and Nasdaq …”
https://www.marketwatch.com/livecoverage/stock-market-today-dow-sp500-nasadq-lower-oil-up-iran-war-korea-dives[marketwatch] - TradingView – “Why Kontoor Brands (KTB) Stock Is Up Today”
https://www.tradingview.com/news/stockstory:713d34832094b:0-why-kontoor-brands-ktb-stock-is-up-today/[tradingview] - Yahoo Finance – “Why Kontoor Brands (KTB) Stock Is Up Today”
https://finance.yahoo.com/news/why-kontoor-brands-ktb-stock-190742683.html[finance.yahoo] - Yahoo Finance – “Why Kontoor Brands Stock Popped Today”
https://finance.yahoo.com/news/why-kontoor-brands-stock-popped-183331690.html[finance.yahoo] - MarketBeat – “Kontoor Brands (NYSE:KTB) Shares Gap Up on Better-Than-Expected Earnings”
https://www.marketbeat.com/instant-alerts/kontoor-brands-nysektb-shares-gap-up-on-better-than-expected-earnings-2026-03-03/[marketbeat] - StockTitan – “Kontoor Brands (NYSE: KTB) boosts 2026 outlook after Helly …”
https://www.stocktitan.net/sec-filings/KTB/8-k-kontoor-brands-inc-reports-material-event-53767053bfbb.html[stocktitan] - MarketBeat – “Ingram Micro (NYSE:INGM) Issues Q1 2026 Earnings Guidance”
https://www.marketbeat.com/instant-alerts/ingram-micro-nyseingm-issues-q1-2026-earnings-guidance-2026-03-03/[marketbeat] - GuruFocus – “Ingram Micro (INGM) Sees Significant 17.1% Share Price Increase”
https://www.gurufocus.com/news/8674227/ingram-micro-ingm-sees-significant-171-share-price-increase[gurufocus] - MarketBeat – “Intapp (NASDAQ:INTA) Trading 5% Higher – Still a Buy?”
https://www.marketbeat.com/instant-alerts/intapp-nasdaqinta-trading-5-higher-still-a-buy-2026-03-03/[marketbeat] - MarketBeat – “Intapp (NASDAQ:INTA) Cut to ‘Buy’ at Wall Street Zen”
https://www.marketbeat.com/instant-alerts/intapp-nasdaqinta-cut-to-buy-at-wall-street-zen-2026-03-02/[marketbeat] - Tickeron – “Why Did AeroVironment, Inc. (AVAV) Stock Move Up +16.83% Today?”
https://tickeron.com/blogs/why-did-aerovironment-inc-avav-stock-move-up-16-83-today-11802/[tickeron] - Investing.com – “Tidewater March 2026 slides: dominant OSV position after Q4 beat”
https://ng.investing.com/news/company-news/tidewater-march-2026-slides-dominant-osv-position-after-q4-beat-93CH-2371807[ng.investing]
