S&P 500 slips as chip stocks tumble; oil rises on Gulf tensions
13th July 2026 – (New York) Wall Street opened the week on a softer footing as chipmakers dragged the wider market lower and crude prices advanced amid renewed frictions in the Middle East. By mid‑session. . .
13th July 2026 – (New York) Wall Street opened the week on a softer footing as chipmakers dragged the wider market lower and crude prices advanced amid renewed frictions in the Middle East. By mid‑session Monday, the S&P 500 was down around 0. 3%, while the Nasdaq Composite fell roughly 1%. The Dow Jones Industrial Average bucked the trend, edging 0. 3% higher, or about 164 points. Semiconductors led declines after weakness in overseas peers. U. S. -listed shares of South Korea’s SK Hynix slumped about 7% following a strong Nasdaq debut on Friday. Micron retreated roughly 6%, Western Digital’s Sandisk unit shed around 10%, and Seagate lost about 6%. Among the megacaps, Advanced Micro Devices slipped close to 4% and Intel declined as well. Energy markets firmed as geopolitical risks intensified. Iran and the United States exchanged strikes over the weekend, with Tehran claiming it had shut the Strait of Hormuz — a key artery for global oil flows — a claim disputed by President Donald Trump, who said the waterway remained open to commercial shipping. Trump on Saturday ordered strikes after an Iranian attack on a merchant vessel transiting the strait. Oil pared intraday highs but stayed elevated. West Texas Intermediate, having touched $75. 08 overnight, was last up around 3% near $73. 68 a barrel. Brent crude gained a similar amount to roughly $78. 48 after earlier approaching $80. “The markets deeply believe that these skirmishes are going to just remain skirmishes,” said Mohamed El‑Erian, chief economic adviser at Allianz, on CNBC’s Squawk Box. “I think neither side want to go back to a full conflict. ”Earnings are set to dominate the week, with 28 S&P 500 constituents due to report, including JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and Wells Fargo. Tech and healthcare heavyweights such as Netflix, Johnson & Johnson and UnitedHealth are also on the docket. Analysts, on average, expect second‑quarter profits for the index to have risen more than 23% year on year, according to FactSet. Investors are watching whether artificial intelligence continues to underpin technology earnings. Raymond James CIO Larry Adam told clients he expects hyperscalers to reaffirm and lift AI‑related capital spending through 2028, citing growing evidence of business benefits and a near‑doubling in AI mentions across all 11 S&P sectors year on year. Macro data will add to the mix, with June’s Consumer Price Index due Tuesday morning. In single‑stock moves, Citi raised its Apple price target to $365 from $315 ahead of results on 30 July, arguing selective price increases and brand strength should cushion margins and demand. The firm also flagged September’s iPhone 18 launch as a potential catalyst. Apple shares are up about 18% year to date. Before the bell, SK Hynix’s U. S. -listed shares dropped roughly 8% after Friday’s 13% pop, while Seoul‑listed stock suffered its worst day on record. Broader memory names weakened: the Roundhill Memory ETF (DRAM) fell about 9% as Sandisk slid roughly 5. 5%, Western Digital and Micron declined around 5%, and the iShares Semiconductor ETF (SOXX) slipped about 2%. Intel fell more than 2. 5% and AMD was down around 2%. Elsewhere, CCC Intelligent Solutions rose about 2% after a Bloomberg report said Elliott Investment Management had built a sizable stake before the software firm began talks over a potential sale. On the media front, Benchmark Equity Research initiated Walt Disney with a Buy rating and a $115 target. Analysts cited Disney’s ability to repeatedly monetise its intellectual property across streaming, sport, parks, cruises, consumer products, gaming, advertising and cinema. They highlighted a turnaround in direct‑to‑consumer profitability — from a roughly $4 billion operating loss about three years ago to $1. 3 billion in operating income in fiscal 2025 — and capacity expansion in cruises from eight to 13 ships by 2031. Precious metals slipped as oil rallied. Gold futures were last down about 0. 8% near $4,082, with spot gold off roughly 1. 2% around $4,071. After its worst quarter since 2013, bullion has fallen more than 14% over the past three months and is down about 6% in 2026 to date. Silver also retreated, with futures down about 1. 7% to $59. 13 and spot prices off more than 2% near $58. 58.