CNBC Business News Update - Market Open: Stocks Mixed And Muted, Major Averages Coming Off 3 Weeks of Gains, No Oil Through Hormuz 4/20/26

Episode Date: April 20, 2026

CNBC Business News Update with Jessica Ettinger - market numbers and news featuring CNBC expert analysis and sound from top business names. Visit https://www.cnbc.com/ for more. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger. CNBC stocks now mixed out of the gate on the shaky ceasefire in the Middle East. The S&P 500 index opened this morning above 7,100 for the first time, and pulled back a little. The NASDAQ pulling back from its longest winning streak since 1992. The Dow was four points higher. And the S&P 500 index down 17. The NASDAQ down 108 points. Investors reacting to fear. of escalating military action in the Middle East. Yesterday, the Navy firing on an Iranian container ship in the Gulf of Oman. The Marines later took custody of it.

It's unclear whether the U.S. and Iran will meet for a second round of peace negotiations. Am I surprised that the markets are relatively muted? No, because the markets have been conditioned to expect that this will change again. And the markets have been conditions to expect that the U.S., in particular, will be able to get to resolution. That's Alianz's Mohamed Al-Aryan on CNBC. Oil is higher today. U.S. crude WTI, West Texas Intermediate, up 6%.

The standoff between Iran and the U.S., keeping oil tankers from using the Strait of Hormuz. We're not getting supply through the Strait of Hormuz. Once in a while we get a ship here or a ship there, but nothing measurable, nothing anywhere near putting a dent in the magnitude of the disruption. we're seeing. Again, Capitals John Kilduff on CNBC. The price of oil is hitting Asia hard. The companies that are making your artificial Christmas trees and decorations for this coming

season say you're going to be paying higher prices. Christmas is still eight months away, but Leng Ping is already worried about a bad holiday season. Many customers, she says, are holding off on orders. Low makes artificial trees for the U.S. and Europe. The Iran War has disrupted shipping and heighted oil prices, raising her costs per tree by 10%. This is the material used to make those artificial trees. It's P.E.T plastic derived from oil. Higher costs due to the stalled straight of Hormuz is hitting the whole industry hard. Jun Jou May says plastic prices for her tinsel are up as much as 40%.

Lowe sees American shoppers stuck this season paying at least 15% more. sees Eunice Yunn in Beijing. Gas prices may not drop below $3 a gallon until next year. Energy Secretary Chris Wright made that warning on CNN's State of the Union yesterday. AAA says prices at the pump hit $4.4 a gallon yesterday. On Friday, February 27th, before the U.S. launched missiles against Iran that night. The national average for a gallon of regular was $2.98. American Airlines shares were falling today after the company dismissed a mega merger with United Airlines, Facebook and Instagram parent meta starting sweeping job cuts today. Reuters reports 10% of its global workforce will be cut in the initial round. That's about 8,000 employees. Universal's Super Mario Galaxy movie won the weekend

box office for the third week in a row. Jessica Eddinger, CNBC. CNBC is the network for ambitious people. Ambitious. It's got America written all over it.