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)
Data by YCharts
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.
