Stock Market Live April 23, 2026: S&P 500 (SPY) Pulls Back from All-Time Highs

After substantial upside, the major indices are pulling back this morning.

The S&P 500 is down 0.12%, or by about nine points. The SPDR S&P 500 ETF (SPY) is down about 1%, or by 67 cents. The Dow is down 0.36%, or by 178 points. The Nasdaq is down 0.26%, or by 64 points. Gold is down slightly at $4,734. Bitcoin is down by $585 at $77,607.

And unfortunately, there’s still no certainty about the war in Iran.

According to President Trump, the latest ceasefire was warranted because Iran’s government is seriously fractured. At the same time, Iran hasn’t committed to the ceasefire. Vice President JD Vance paused his trip to talk peace. And, according to Iran’s state media, Tehran negotiators say they won’t be present at the meeting, calling talks with the U.S. a “waste of time.”

So, as excited as markets get on news of a potential end to the war, there’s still a good deal of uncertainty, which markets hate.

Cannabis Stocks Could See Higher Highs

Cannabis stocks could see a massive boost from news that President Trump told federal agencies to prepare for the imminent loosening of federal restrictions on cannabis. “The Drug Enforcement Agency is expected to announce the first steps towards reclassifying the drug as soon as this week,” says the Independent.

Stocks, like Tilray (TLRY), could soar by more than 40% over the next 12 months, says Roth Capital. The firm is bullish on TLRY’s Canadian business and its resurgence in international operations. That’s after the company generated the highest international cannabis net revenue in its history. In fact, net revenue jumped 70% year over year to $24.1 million.

Other interesting cannabis stocks include Innovative Industrial Properties (IIPR), a REIT that owns, manages, and leases cultivation and processing properties. It also yields 13.21%. Another one with yield is New Lake Capital Partners (NLCP), another REIT that provides capital to state-licensed cannabis operators. This one yields 11.5%.

Market Movers: Bank of America Reiterates Tesla as a Buy

Analysts at Bank of America just reiterated its buy rating on Tesla, citing the company’s current leadership in consumer autonomy, and expecting it to be a leader in robotaxi services. The firm also reiterated its buy rating on Alphabet, noting that it’s well-positioned for the long term with AI technology applicable to search, YouTube, and the Cloud.

Analysts at TD Cowen reiterated a buy rating on Nvidia, noting, “we continue to view NVDA as the market leader in terms of performance and breadth of software ecosystem as evidenced by its own announcements with Google at the event,” as quoted by CNBC.

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