The S&P 500 Index ($SPX) is down -0.33%, the Dow Jones Industrial Average ($DOWI) is down -0.16%, and the Nasdaq 100 Index ($IUXX) is down -1.12%. September E-mini S&P futures (ESU26) dropped -0.33%, with Nasdaq futures (NQU26) falling -1.10%.
Technology stocks face severe pressure following a steep sell-off in South Korean chipmakers, impacted by concerns over an overextended AI boom. The Kospi Index fell over -8%, with SK Hynix and Samsung Electronics plunging more than -10%. This contrasts with the surprising resilience of software stocks. Energy producers gained momentum as crude oil prices surged, now up over +4%.
Tensions escalate as the US initiates missile attacks against Iran, targeting air-defense systems, coastal radar, and missile capabilities. Iran retaliated with missile and drone strikes on Jordan, Bahrain, Kuwait, and Qatar, alongside attacks on vessels near the Strait of Hormuz. President Trump’s declaration of a renewed Iranian blockade halted shipping through the strait, except for protected convoys reimbursed at 20%, amplifying oil price volatility.
Market optimism for Q2 earnings persists, with Bloomberg Intelligence projecting a +23% surge, nearly matching Q1’s +30% growth. AI infrastructure, expected to position for roughly 60% of S&P 500 earnings growth this quarter, remains a pivotal growth factor.
Markets broadly anticipate a 39% likelihood of a +25 basis point rate hike during the July 28-29 FOMC meeting. The 10-year Treasury yield spiked to a seven-week high of 4.602% after a decline to a seven-week low. Today’s yield increase to 4.595%, coinciding with a +4% jump in WTI crude, signals heightened inflationary pressures tempered by safe-haven flows into government bonds as equities weaken.
Global markets broadly declined, with the Euro Stoxx 50 fading -0.10%. China’s Shanghai Composite dipped to a three-month low, down -2.06%, while Japan’s Nikkei-225 hit a one-month low, down -1.92%.
Chipmakers floundered along with AI infrastructure peers, dragging down the broader market. The Semiconductor ETF (SOXX) slipped -3%. Sandisk (SNDK), Arm Holdings (ARM), and Western Digital (WDC) plummeted -6% or more, while Intel (INTC), AMD, Micron (MU), and Seagate (STX) fell -4% or more. Applied Materials (AMAT), KLA (KLAC), and Microchip (MCHP) dropped -3%.
Crypto-linked assets softened: Bitcoin (^BTCUSD) fell over -1%. Riot Platforms (RIOT) and Galaxy Digital (GLXY) retreated -3%, while Strategy (MSTR) and Coinbase (CRCL) dipped -2%. Marathon Petroleum (MPC) and Phillips 66 (PSX) advanced -3% as energy stocks outpaced declines. Software shares lifted broader sentiment; Atlassian (TEAM) rose -6%, Intuit (INTU) edged -5%, and Salesforce (CRM) climbed -4%, leading the Dow. Workday (WDAY) and Adobe (ADBE) added -3%, with Autodesk (ADSK) and Datadog (DDOG) moving -1%.
Corporate highlights include First Hawaiian (FHB) sinking -4% on plans to acquire TriCo Bancshares ($63.12/share), while TriCo (TCBK) surged -11%. Humana (HUM) rose -3% post-Wells Fargo upgrade, and Biogen (BIIB) advanced -1% after a Truist upgrade to buy. American Express (AXP) climbed -1% following JP Morgan’s upgrade to overweight.
Earnings Reports (7/13/2026)
Pending reports noted for American Resources Corp (AREC), Anavex Life Sciences (AVXL), and FB Financial Corp (FBK).
On the date of publication, Rich Asplund held no positions in securities mentioned. All data is informational per Barchart’s Disclosure Policy.
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