We end Wednesday with declines across nearly all key indices. Investors are staging a minor correction following the recent spectacular rally. Headlines from the Middle East are playing a significant role in this context.
Commodities
We have seen the third consecutive day of rising energy commodity prices. WTI crude oil prices rose by over 2% (climbing above $95), and NATGAS saw similar gains (moving towards $5.0).
- The surge in energy prices can be largely attributed to the renewed escalation in the Middle East. Upward pressure may have also been amplified by today's release from the US Department of Energy, which showed an unexpectedly large drop in crude inventories—by as much as 8 million barrels (the market had anticipated a decline of just 3 million).
On the flip side, gold (-1%) and silver (-2%) moved in the opposite direction.
- A key factor here was the rise in bond yields. 10-year yields pushed upward in the US (+1.1%), Germany (+2%), and Japan (+2.3%), among others.
Geopolitics
Iran has attacked an airport in Kuwait and violated airspace in Bahrain. This reportedly comes as retaliation for the shelling of an Iranian tanker by US forces.
The probability of the two sides reaching an agreement to permanently reopen the Strait of Hormuz later this June is falling. Markets are currently pricing the likelihood of such a scenario at around 20%.
Stock Market
All of this is leading to a modest investor retreat from risk.
- European stock markets took a particularly hard hit today, including the German DAX (-1.3%), which was dragged down by weak performances from major corporations. Declines were seen in SAP (-4,3%), Deutsche Bank (-3.7%), Mercedes-Benz (-3.3%), Adidas (-3.2%), and Deutsche Telekom (-2.7%).
However, weakness was also visible in the United States today.
- The S&P 500 fell by 0.6%, while the NASDAQ Composite dropped by 1%.
- A key driver in this context was a more than 3% drop in NVIDIA's share price. Microsoft (-3.8%), Amazon (-3.1%), and Palantir (-6.1%) also headed downward.
On the other hand, shareholders of Marvell have reason to be pleased, as the stock has soared by over 35% compared to Tuesday's opening (up 5.3% today). This is partly driven by highly complimentary remarks from Nvidia CEO Jensen Huang. Speaking on stage in Taipei alongside Marvell's chief executive, Huang anointed the company as the next one poised to reach a trillion-dollar valuation.
Chart 1: Heatmap of the day's winners and losers on the US market (06.03.2026)
Source: xStation, 06.03.2026
Macroeconomic Data
The May ISM Services PMI indicators were released today. These data points are of secondary importance to the markets, so in the absence of a major surprise, the investor reaction remains limited. The print of 54.5 came in above expectations, but it wasn't enough to trigger elevated volatility.
Our attention is drawn to the unexpectedly high new orders sub-index (57.3) and the prices paid index (71.3)—the latter being consistent with expectations of intensifying price pressures, climbing to its highest level since 2022. Meanwhile, employment data came in slightly below 50 (47.9), though markets are already eagerly anticipating Friday's NFP (Non-Farm Payrolls) print. This is the data release with by far the highest potential to stir up volatility this week.
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Michał Jóźwiak, Financial Markets Analyst at XTB
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