The Dow Slides on Oil’s Rise; ‘Buy The Dip’ Still Valid; and Anthropic Rises to $20bn Annual Revenues

The oil shock just shoved markets into the danger zone with the Dow Jones Industrial Average sliding more than 780 points as crude topped $80 a barrel, turning a geopolitical flare-up into a real market event. Still, retail traders aren’t spooked they kept buying through the chaos, a trend the Wall Street Journal says looks eerily familiar and stubborn. Meanwhile, one IPO could swallow the year: SpaceX is set to raise more in its offering than last year’s 90 IPOs combined (per Fortune), and Anthropic is racing to a ~$20 billion revenue run-rate even as the Pentagon feud simmers (reported by Bloomberg). Big flows, big bets, and plenty of headline risk. All this and more in today’s Read It and Eat!

Markets Around The World

Markets as of 5th March 2026. Cells in RED mean that the value is down, cells in Green mean the value is up.

MAJOR HEADLINES

• Oils Rise Spills Over The Dow Jones, Causing a Tumble 

Markets sold off sharply as geopolitical tensions in the Middle East drove energy prices higher and triggered a broad risk-off move across global equities. The Dow Jones Industrial Average fell 784 points, or 1.6%, after plunging more than 1,100 points earlier in the session, while the S&P 500 slipped 0.6% and the Nasdaq Composite also closed lower. The immediate catalyst was the rapid rise in crude prices as investors reacted to escalating hostilities involving Iran and fears that the conflict could spread across key energy-producing regions.

Crude oil surged above $80 per barrel, a psychologically important threshold that historically signals tighter energy markets and rising inflation risks. Higher oil prices ripple through the entire economy: they increase transportation and manufacturing costs, squeeze consumer spending through higher fuel prices, and complicate central bank policy by potentially pushing inflation higher again just as policymakers attempt to stabilize growth. Airlines, travel companies, and logistics firms tend to be among the biggest losers when oil spikes, while energy producers and defense stocks often benefit.

More broadly, markets are grappling with the possibility that the conflict could threaten shipping lanes or production in the Persian Gulf region, which accounts for a significant share of global oil exports. Even if actual supply disruptions never materialize, the mere risk premium embedded into energy prices can trigger volatility in equity markets. For investors, the current environment reflects a classic geopolitical shock: a sudden external event forcing traders to reassess inflation, interest rates, and global growth all at once. TheHill

• Retail Investors Keep Buying the Dip Despite Market Turmoil

Despite war headlines, artificial-intelligence uncertainty, and large swings in technology valuations, retail investors continue to follow a simple strategy: buy the dip. According to reporting by the Wall Street Journal, individual investors have consistently stepped into the market during recent sell-offs, treating volatility not as a warning sign but as an opportunity to accumulate shares at discounted prices.

This behavior has become a defining feature of modern markets. The widespread availability of commission-free trading platforms and real-time financial information has empowered a generation of retail traders to react instantly to market movements. Rather than fleeing during downturns, many investors have adopted the mindset developed during the post-pandemic bull market: sharp declines are temporary and buying during panic often leads to strong rebounds. This approach has repeatedly provided liquidity during selloffs in sectors such as technology and software.

However, the persistence of dip-buying also introduces new dynamics into market volatility. When large groups of retail investors rush to purchase beaten-down stocks, it can create rapid rebounds that obscure underlying economic risks. While this behavior has helped stabilize markets during recent shocks, analysts warn that if geopolitical tensions or economic deterioration intensify, the strategy could be tested in ways retail investors have not yet experienced. Wall Street Journal

• SpaceX IPO Could Eclipse Entire 2025 Listing Market

The upcoming public offering of SpaceX is shaping up to be one of the most consequential IPOs in modern financial history. According to Fortune, the offering could raise more capital than all 90 IPOs launched in 2025 combined, highlighting just how dominant the Elon Musk-founded space company has become within private markets. After several years of subdued IPO activity, such a massive listing would mark a dramatic return of large-scale equity offerings.

The IPO boom of 2025 already represented a rebound from the drought of listings seen in earlier years, helping generate strong profits for investment banks and leading to large bonuses across Wall Street. Yet the possibility that a single company could surpass the fundraising totals of an entire year illustrates how capital markets are increasingly concentrating around a handful of highly anticipated technology firms. SpaceX’s dominance in satellite launches, its rapidly expanding Starlink broadband business, and its deep involvement in government space contracts have turned it into one of the most valuable private companies in the world.

For banks, institutional investors, and public markets, the deal could become a defining event. A successful listing would not only provide enormous underwriting fees but also set valuation benchmarks for the rapidly growing commercial space industry. At the same time, the IPO may test investor appetite for extremely large tech valuations in an environment where geopolitical risks and interest-rate uncertainty are once again influencing global markets.  Fortune

• Anthropic Approaches $20 Billion In Annual Recurring Revenue

Artificial intelligence firm Anthropic is experiencing explosive growth, with its annualized revenue run rate approaching $20 billion, more than doubling from around $9 billion late last year, according to reporting from Bloomberg. The rapid rise reflects the surging demand for generative AI systems from enterprises, developers, and governments looking to integrate large language models into software, research, and operational workflows.

Anthropic’s flagship AI model, Claude, has gained traction among corporate clients seeking alternatives to competing systems from companies such as OpenAI and Google. Its focus on safety, alignment research, and enterprise-grade reliability has helped the company secure major contracts and partnerships. The scale of its growth illustrates how quickly the AI sector is transforming into a multibillion-dollar industry dominated by a small number of highly capitalized players.

However, Anthropic’s rise is unfolding alongside growing political and ethical debates about the role of artificial intelligence in government and military systems. The company’s recent clash with the Pentagon over safety guardrails highlights a broader tension within the AI industry: balancing rapid technological advancement with concerns about security, surveillance, and autonomous decision-making. As revenues soar, so too does the scrutiny surrounding how these powerful technologies are deployed and regulated. Bloomberg

Minor Headlines

• US Grants Temporary Waiver for India to Import Russian Oil Yahoo Finance 

• Taiwan's Foxconn says everyone will feel impact of prolonged Iran conflict Yahoo Finance

• Palantir faces challenge to remove Anthropic from Pentagon's AI software Reuters

• Blue Owl shorts hit an ATH on private credit fears Bloomberg

• Big Tech group supports Anthropic in Pentagon fight Reuters 

• Nvidia halts China-bound H200 output, shifts TSMC capacity to Vera Rubin Yahoo Finance

• China in talks with Iran to allow safe oil and gas passage through Hormuz, sources say Reuters

• Trump Fires Homeland Security Secretary (ICE) Kristi Noem BBC

Earnings Headlines

Retail Warehouse / Big-box

• Costco beat Q2 earnings and revenue estimates on 6.7% growth in same-store sales as it evaluates potential for tariff refunds, with plans to pass on savings to customers (WSJ) 

• Target beat Q4 earnings estimates but missed on revenue as traffic continued to decline; the firm announced a $6B turnaround plan under new CEO Michael Fiddelke (CNBC)

• Best Buy beat Q4 earnings estimates but missed on revenue as holiday sales disappointed amid a 'mixed macro environment' (CNBC)

Grocery / Supermarkets

• Kroger beat Q4 earnings estimates but missed on revenue and issued soft guidance due to growing competition and price-conscious shoppers (BBG)

E-commerce / Marketplaces

• JD.com missed Q4 earnings and revenue estimates on its first loss in four years on weak Chinese spending and stiff e-commerce competition (RT)

Apparel & Specialty Retail

• Victoria's Secret beat Q4 earnings and revenue estimates and issued strong guidance on its longest sales growth streak in four years as its turnaround takes shape with shoppers returning to its Pink brand (CNBC) 

• Abercrombie & Fitch beat Q4 earnings and revenue estimates on its 13th-straight quarterly growth though margins declined on tariff pressures (BN).

Restaurants / Casual Dining

• Cracker Barrel beat Q4 revenue estimates and narrowed losses despite an overall YoY decline in performance after last year's failed logo change; the firm boosted guidance as turnaround efforts take shape (WSJ)

Conglomerates / Insurance & Financials

• Berkshire Hathaway posted a 30% drop in operating profits as insurance underwriting took a 54% hit in Buffett's final quarter as CEO; new CEO Greg Abel published his first annual letter to shareholders linked below (CNBC)

Cybersecurity / Software

• CrowdStrike beat Q4 estimates and gave a strong forecast as resilient demand for AI-powered cybersecurity calmed AI disruption fears (RT) 

Semiconductors / AI Hardware

• Broadcom beat Q1 earnings and revenue estimates as AI revenue doubled on robust demand for custom AI accelerators and AI networking and gave strong guidance with a line of sight to over $100B in FY revenue amid progress from OpenAI, Anthropic, and Meta (CNBC)