Market Minute ⏱️ 4/20/26: Oil Pops, Stocks Slide on Fading Peace Hopes

Mike Larson | Editor-in-Chief

Stocks are sliding again after a big push higher last week. Meanwhile, oil prices are popping, gold and silver are dropping, and the dollar and Treasuries are flattish.

Markets are back on edge amid fading hopes for peace in the Middle East. Optimistic deal talk from the Trump Administration last week was followed by renewed tensions over the weekend. US forces fired on and boarded an Iranian-flagged cargo ship in the Gulf of Oman, while Iranian Revolutionary Guard forces attacked two Indian vessels. Oil prices rose in response, with both US WTI and Brent crude climbing about 5% at last check.

Trump said US negotiators led by Vice President JD Vance would travel to Pakistan for a new round of talks with Iranian officials this week. But as of this morning, Iranian officials haven’t committed to showing up. The current two-week ceasefire is set to expire Tuesday night. Ship traffic through the Strait of Hormuz has dried up again in the meantime.

USO, MRVL, GOOGL, AVGO (YTD % Change)

Chipmakers have been some of the stock market’s best performers in 2026 – and one of them is gaining more ground today. Marvell Technology Inc. (MRVL) is rallying on news Alphabet Inc.’s (GOOGL) Google will partner with the firm to develop two new AI-focused chips. Google currently works with Broadcom Inc. (AVGO) on developing so-called TPUs that are used to train AI models. The move suggests it wants to expand its supplier list.

Finally, shares of psychedelic drug companies are surging after Trump signed an executive order that will speed up federal government reviews of their products. The order will accelerate Food and Drug Administration (FDA) studies of “breakthrough therapy” drugs like ibogaine that companies say can treat conditions such as depression and addiction. Definium Therapeutics Inc. (DFTX) and Compass Pathways Plc (CMPS) were among the stocks rallying on the news.

Fernandez and Hickey: How to Reposition Amid Relentless Market VOLATILITY

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• Gold: Firmly in Recovery Mode After Iran War Correction
  👉️ TICKERS: SLV, GLD
  With gold, it’s all a matter of perspective. Even if we pull back short term, it’s obvious that gold (and therefore silver and the miners) are still firmly in recovery mode after the steep correction precipitated by the US attack on Iran, advises Brien Lundin, executive editor of Gold Newsletter.

• SAN: An Attractive Stock in the Financial Sector
  👉️ TICKERS: HSBC, SAN
  Markets have proved to be resilient despite the backdrop of the conflict in the Middle East. The churning of sectors earlier this year has led to some bargains and momentum in stocks. One name I like is Banco Santander SA (SAN), advises Carl Delfeld, editor of Cabot Explorer.

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