Market Midday: Stocks Lower; U.S. Hormuz Blockade Sends Oil Higher • 7/13/26

Summary

US stocks fell after President Trump reinstated the Hormuz blockade, sending oil higher and weighing on chipmakers like Nvidia and Intel. Apple and several oil refiners hit record highs. Gina Martin Adams highlighted that financials have quietly become the market leader ahead of big bank earnings, while shipping and military experts discussed the tense situation in the Strait of Hormuz.

• US equities declined following the US reimposition of the Strait of Hormuz blockade, pushing oil prices higher.
• Nvidia, Micron, AMD, and Intel all traded lower, with chipmakers broadly under pressure.
• Apple, Marathon Petroleum, Phillips 66, and Valero reached fresh all-time highs, while SpaceX hit an all-time low.
• Shipping CEO and insurance sources told Brian Sullivan that ships are exiting the Arabian Gulf but are reluctant to re-enter, fearing being trapped.
• Retired General Stanley McChrystal assessed that US strikes on Iran have not deterred Iranian behavior.
• Gina Martin Adams noted that financials have become the market leader and are on a slow comeback ahead of big bank earnings this week.
• US crude oil traded just under $75 a barrel, and the national average gasoline price rose to $3.87 per gallon.
• Earnings season kicks off with reports from JP Morgan, Citigroup, and Goldman Sachs on Tuesday.