Oil Surges as Markets Digest Economic Data (March 2 – 6, 2026 Recap)

Overview

The first week of March featured several key economic releases and corporate earnings that provided fresh insight into the health of the global economy. Data from the United States highlighted mixed signals, with manufacturing and services continuing to expand while the labor market showed some signs of weakness. Australia reported steady economic growth, while retail activity in the US softened slightly on a monthly basis. Financial markets reacted to the incoming data, alongside notable earnings reports from major companies including Broadcom, Costco, and Kroger.

Major Economic Indicators and Events in Review

Monday, March 2

17:00 – USA: ISM Manufacturing PMI (USD)

In February, US manufacturing continued to expand but at a slightly slower pace. The ISM Manufacturing PMI came in at 52.4, still above the 50 level that signals growth.

New orders and production remained positive, prices for materials jumped sharply, and employment in the sector remained slightly weak. Overall, manufacturing is growing modestly, but the recovery is uneven across industries.

The EURUSD fell by 1.03% on the day.

Wednesday, March 4

02:30 am – Australia: GDP q/q (AUD)

The economy grew by 0.8% this quarter and is 2.6% larger than it was in December 2024. Growth was seen in most industries, supported by both consumer spending and government demand. Businesses also rebuilt inventories, which helped boost production and imports. However, trade weighed on growth because imports increased faster than exports. On a per-person basis, economic output rose 0.4% this quarter and 0.9% compared with December 2024.

The AUDUSD edged up 0.49% on the day.

17:00 – USA: ISM Services PMI (USD)

In February, the US services sector continued to grow, with the ISM Services PMI rising to 56.1, its highest level since mid-2022. This marks the 20th straight month of expansion.

Business activity, new orders, and employment all increased, showing stronger demand for services. Prices rose at a slower pace than before, while inventories and order backlogs also improved. Overall, the report suggests the services sector is gaining momentum and growth is spreading across more industries.

The EURUSD ticked higher by 0.19% on the day.

Thursday, March 5

15:30 – USA: Unemployment Claims (USD)

In the week ending February 28, new unemployment claims in the US remained unchanged at 213,000, suggesting the labor market is still stable. The four-week average of claims fell slightly, indicating fewer layoffs overall. Meanwhile, the number of people continuing to receive unemployment benefits rose to about 1.87 million, while the insured unemployment rate held steady at 1.2%. Overall, the data points to a labor market that remains relatively steady.

The USDJPY gained 0.3% on the day.

Friday, March 6

15:30 – USA: Non-Farm Employment Change (USD)

In February, US nonfarm payroll employment fell by 92,000, while the unemployment rate remained largely unchanged at 4.4%. Job losses were mainly seen in health care, partly due to strike activity, while employment in the information sector and federal government also continued to decline. Overall, the labor market showed some weakness during the month.

The EURUSD ticked higher by 0.01% on the day.

15:30 – USA: Retail Sales (USD)

In January 2026, US retail sales fell slightly by 0.2% from the previous month but were still 3.2% higher than a year earlier. Sales over the November–January period also increased compared with the same period last year. Online retailers saw strong growth, while spending at restaurants and bars also rose compared with January 2025.

The USDJPY rose by 0.21% on the day.

Commodities

1. Crude Oil
   Crude oil prices increased by 35.64% over the past week
2. Brent Oil
   Brent was up 27.50% compared to the previous week
3. Gold
   The precious metal Gold (XAUUSD) concluded the week on Friday with a 2.06% weekly decrease
4. Silver
   XAGUSD decreased by 9.97% from last week

Stock Market

1. S&P 500 decreased by 1.91%
2. DJIA was down 2.87%
3. NASDAQ 100 decreased by 1.12%

Top Gainers

1. Mobix Labs, Inc. (MOBX) 530.30%
2. Turbo Energy, S.A. (TURB) 459.67%
3. Trio Petroleum Corp. (TPET) 359.52%

Top Losers

1. Medicus Pharma Ltd. (MDCX) -74.69%
2. FBS Global Limited (FBGL) -72.46%
3. SCWorx Corp. (WORX) -63.51%

Company Earnings (March 2 – 6)

Wednesday, March 4: AVGO (Broadcom Inc.)

Thursday, March 5: COST (Costco Wholesale Corporation)

Thursday, March 5: KR (The Kroger Co.)

Broadcom reported better-than-expected results, with adjusted EPS of $2.05 and revenue of $19.31 billion. Strong demand for AI chips helped drive growth, and the company issued upbeat guidance for the next quarter.

AVGO shares gained 3.42% from the previous week.

Costco reported stronger-than-expected quarterly results, with earnings of $4.58 per share, slightly above forecasts. The retailer benefited from steady sales growth and strong demand from value-seeking shoppers, while membership fees reached $1.36 billion. Online sales also grew rapidly, rising about 22% during the quarter.

COST shares fell by 1.26% compared to the previous week.

Kroger reported solid fourth-quarter results, with sales reaching $34.7 billion and earnings per share of $1.35. Comparable sales excluding fuel rose 2.4%, while e-commerce sales increased 20%. The company also issued guidance for 2026 and continues to focus on improving profitability in its online business.

KR shares jumped 8.60% from the previous week.

Conclusion

Overall, the week’s data highlighted a mixed but generally resilient economic environment. While US manufacturing and services continued to expand, softer employment and retail figures suggested some areas of weakness. Commodity markets showed notable volatility, particularly with strong gains in oil prices, while major equity indices ended the week lower. Meanwhile, corporate earnings remained relatively strong, with companies such as Broadcom, Costco, and Kroger reporting solid results despite ongoing economic uncertainty.