Market Close: Stocks Lower, Oil Higher on Iran; Earnings Season Starts • 7/13/26
Speakers
Gina Martin Adams
— Strategist
Jessica Ettinger
— Anchor, CNBC
Bob McNally
— President and Founder, Rapidan Energy Group
Megan Cassella
— CNBC Reporter
Summary
Stocks fell and oil surged as the US reinstated a blockade in the Strait of Hormuz with a 20% toll on cargo. Chipmakers dropped sharply, while oil refiners hit all-time highs. Ahead of earnings season, financials are highlighted as a market leader staging a comeback, with big banks reporting this week.
- US equities declined; Dow -138, S&P -60, Nasdaq -408
- US crude oil jumped ~9% above $77/bbl on renewed US-Iran tensions over Hormuz
- Chip stocks Intel, Micron, AMD, Broadcom lost 4-6%
- Refiners Marathon Petroleum, Phillips 66, Valero reached all-time highs
- SpaceX hit an all-time low since its recent listing
- Federal budget deficit worsens; monthly interest on debt exceeds $100B
- Financials seen as market leader ahead of big bank earnings this week
Ideas
Financials market leader, earnings key.
Financials have been the market leader, staging a slow comeback over the last month. This week's earnings season kickoff with big banks reporting is incredibly important for the group.
Up Next
This CNBC video, published July 13, 2026, features Gina Martin Adams discussing XLF. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Gina Martin Adams · Tickers: XLF