Market Minute ⏱️ 5/4/26: Oil Nears Highs on Fresh War Worries

Mike Larson | Editor-in-Chief

Stocks, gold, and silver are all modestly lower in early trading. Meanwhile, crude oil prices rose overnight and this morning despite an announcement by President Trump that the US would use military and intelligence assets to help ship owners get their vessels through the Strait of Hormuz.

Analysts said the effort lacked specifics, one reason it didn’t lower energy prices. Another: Reports of more ship attacks, including an Iranian claim that it fired missiles at a US frigate (which the US denied). Brent crude briefly hit a fresh 2026 high above $113 a barrel before pulling back a bit. US WTI prices are still trading around $102, roughly $11 below the conflict peak set a month ago.

EBAY, GME, COIN, HOOD (YTD % Change)

eBay Inc. (EBAY) stock is climbing after an audacious $56 billion takeover bid from GameStop Corp. (GME), the former meme stock darling headed by CEO Ryan Cohen. GameStop sells video games, trading cards, and other collectibles online and through its network of stores, and Cohen said eBay’s business (which also focuses on selling collectibles) is a natural fit.

GameStop is valued at just $12 billion versus eBay’s pre-news valuation of $46 billion. So, there’s no guarantee Cohen can put together a takeover package to make the deal work. But he said TD Bank has committed to providing as much as $20 billion in debt financing.

If you blinked, you missed it. But Bitcoin did briefly top $80,000 again for the first time since the end of January. That’s a far cry from its October peak above $126,000, but it’s a milestone bullish traders have been hoping to reach – and hold. Shares of cryptocurrency-sensitive brokerages Coinbase Global Inc. (COIN) and Robinhood Markets Inc. (HOOD) are down 15.4% and 34.8% this year amid a broader slump in the crypto asset class.

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