Stock Market Today, July 13, 2026: Stocks Recover from Iran-Fueled Selloff as Chip Stocks Drag Nasdaq Lower

U.S. stocks closed mixed on Monday, July 13, 2026, as a fresh round of U.S.-Iran airstrikes over the weekend sent oil prices sharply higher and pressured chip stocks, while a broader market recovery in the afternoon pulled major indexes off their lows. The S&P 500 and Dow Jones Industrial Average edged higher to close out the day, while the Nasdaq Composite pulled back modestly due to weakness in semiconductor stocks. Investors also positioned carefully ahead of two major catalysts on Tuesday: the June Consumer Price Index (CPI) inflation report and Q2 earnings from five of the nation's largest banks.

Market Performance: Stocks Shake Off Morning Decline

The major U.S. indexes opened sharply lower Monday after weekend fighting between the U.S. and Iran renewed geopolitical anxiety. However, stocks staged a recovery through the session:

• S&P 500 (^GSPC): Edged higher, closing near the 7,575 level, supported by a rotation into financials and energy stocks.
• Nasdaq Composite (^IXIC): Declined modestly as semiconductor names fell; Nvidia (NVDA) dropped 3.2% and Micron Technology (MU) sank 4.9%.
• Dow Jones Industrial Average (^DJI): Closed modestly positive, near 52,637, as energy and financial sector stocks offset tech weakness.
• Russell 2000 (^RUT): Fell approximately 0.49%, weighed by small-cap sensitivity to higher oil prices and rate uncertainty.

In other assets, WTI crude oil surged over 4% to roughly $74.26 per barrel and Brent crude gained 3.9% to $78.96 per barrel after U.S. and Iranian forces exchanged airstrikes over the weekend. Gold held near $4,075 per ounce. The 10-year Treasury yield rose to approximately 4.58%, up slightly from Friday's close of 4.56%. Bitcoin traded around $63,000, retreating from overnight highs near $64,300. The U.S. dollar index was little changed near 100.93.

Top Stories: Iran Escalation, SK Hynix Drops, Chip Stocks Slide

U.S.-Iran Airstrikes Rattle Markets

Over the weekend, the United States carried out fresh airstrikes against Iran, and Iran retaliated with missile and drone attacks against Gulf states including the UAE, Qatar, Kuwait, Oman, and Bahrain. Iran's Persian Gulf Strait Authority reiterated that vessels crossing the Strait of Hormuz without using its designated route "shall not be covered by safe passage guarantees," keeping supply disruption fears elevated. Oil prices jumped sharply at the open Monday, adding pressure to stocks globally. South Korea's Kospi index fell 8.9%, and SK Hynix shares in Seoul plunged 15.4%, their worst single-day decline since 1997.

SK Hynix (SKHY) Begins Regular Nasdaq Trading After Rough Day-Two Open

South Korean chipmaker SK Hynix began regular-way trading on the Nasdaq Monday under its permanent ticker SKHY, after debuting on Friday (July 10) as SKHYV and closing at $168.01 — a 13% gain over its $149 IPO price. Monday's session was a different story: shares sank sharply in U.S. trading, dragged by the broader chip selloff and the plunge of the underlying Korean shares in Seoul. The company completed the largest-ever U.S. listing by a non-American company, raising $26.5 billion — surpassing Alibaba's $25 billion IPO in 2014. SK Hynix is Nvidia's key supplier of high-bandwidth memory (HBM) chips and is investing $4 billion in an advanced packaging plant in Indiana.

Chip Stocks Under Pressure

Semiconductor stocks led the decline. Nvidia (NVDA) fell 3.2%, even as it remains the most valuable company on Wall Street by market capitalization. Micron Technology (MU) sank 4.9%, despite being up more than 243% for the year. Worries are rising that AI-driven chip valuations may have run ahead of fundamentals, and that demand may not be as sustained as the market had priced in if AI profits and productivity gains fail to materialize as expected.

Meta Platforms (META) Continues Surge

Meta Platforms (META) continued to stand out in an otherwise difficult environment for technology stocks. Shares added roughly 5%, building on Friday's 6% gain that followed Bloomberg's report about Meta's plans to build a cloud infrastructure business called "Meta Compute" — selling excess AI compute capacity and models to outside customers. The business is led by Santosh Janardhan, Daniel Gross, and Dina Powell McCormick and is positioned to compete with AWS, Microsoft Azure, and Google Cloud.

Fed Officials Bowman and Waller Speak

Federal Reserve Vice Chair for Supervision Michelle Bowman spoke at 9:25 AM ET, followed by Governor Christopher Waller at 4:30 PM ET. Both appearances were watched closely ahead of the July 28-29 FOMC meeting. The Fed has held its benchmark rate at 3.50%–3.75% since its June meeting, but 9 of 19 FOMC members project at least one hike before year-end. Governor Waller has previously signaled openness to rate cuts if labor market conditions weaken, while the Fed's internal dot plot nudged its 2026 median forecast to 3.8%. Markets currently price in roughly a 78.5% probability that the July meeting ends with no change, according to CME FedWatch.

Biggest Movers of the Day

• SK Hynix (SKHY) — Fell sharply in its first regular-way Nasdaq trading session after its IPO debut on Friday. The drop tracked a 15.4% plunge in Seoul shares following weekend U.S.-Iran airstrikes that rattled Asian markets broadly.
• Micron Technology (MU) — Down 4.9% on concerns about AI chip demand sustainability, despite a year-to-date gain exceeding 243%.
• Nvidia (NVDA) — Fell 3.2%, acting as the single heaviest drag on the S&P 500 due to its massive market capitalization. Shares had gained 4% to end the prior week.
• Meta Platforms (META) — Rose approximately 5%, extending Friday's 6% surge after reports it will launch a cloud compute business to rival Amazon, Microsoft, and Google.
• Energy stocks — Broadly gained as WTI crude jumped 4% to $74.26/bbl. Exxon Mobil (XOM) and other upstream producers benefited from the renewed geopolitical premium in oil prices.

Earnings Recap: Delta and PepsiCo Set Q2 Season Tone

Last week's early earnings reports from Delta Air Lines (DAL) and PepsiCo (PEP) offered a preview of what Q2 2026 earnings season may look like: mixed signals with a strong revenue beat narrative but margin and cost headwinds lurking underneath.

• Delta Air Lines (DAL) — Reported Q2 adjusted EPS of $1.56, beating the $1.49 consensus. Revenue of $17.7 billion topped estimates of $17.53 billion, up 13.9% year-over-year. CEO Ed Bastian said demand remains "strong across the board," particularly from premium flyers and World Cup travel. Delta raised its dividend 15% and reaffirmed full-year EPS guidance of $6.50–$7.50. Operating margin came in at 8.8%, down from 13.3% a year earlier due to higher fuel and non-fuel costs tied to the Iran war.
• PepsiCo (PEP) — Q2 revenue of $24.18 billion beat the $23.95 billion estimate, up 6.4% year-over-year. However, core EPS of $2.20 fell just short of the $2.21 estimate. North American food sales fell 2% organically and beverage volumes dropped 4%, reflecting ongoing consumer spending caution. Global organic sales rose 2.4%. The company maintained its dividend of $1.48 per share quarterly, implying a 4.1% yield.

Economic Data: No Major Releases Monday

No major U.S. economic data was released on Monday. The Treasury Department auctioned 3-month and 6-month T-bills at 3.735% and 3.830%, respectively. The June Monthly Budget Statement was released after the close, with the prior month showing a deficit of $293 billion. The most closely watched data event of the week — the Bureau of Labor Statistics' June Consumer Price Index (CPI) report — is scheduled for Tuesday, July 14 at 8:30 AM ET.

May 2026 CPI came in at 4.2% year-over-year, up from 3.8% in April. Consensus forecasts expect June CPI to ease to approximately 3.9% year-over-year, partly due to a decline in energy prices following the ceasefire attempt in mid-June. However, analysts at Kiplinger warn that core CPI (which excludes food and energy) may remain stubbornly elevated near 2.9% year-over-year, keeping the Fed in a hawkish posture.

Tomorrow's Market Calendar: CPI and Big Bank Earnings

Tuesday, July 14, 2026 is one of the most consequential calendar days of the quarter, with two major simultaneous events:

• June CPI Report (8:30 AM ET) — Headline CPI consensus: ~3.9% year-over-year (prior: 4.2%). Month-over-month consensus: 0.0% (prior: +0.5%). Core CPI consensus: 2.9% year-over-year. A negative headline print is possible due to falling energy prices — but analysts caution against reading it as a true inflation victory.
• Bank Earnings (before market open) — JPMorgan Chase (JPM), Goldman Sachs (GS), Bank of America (BAC), Wells Fargo (WFC), and Citigroup (C) all report Q2 2026 earnings simultaneously before the open. Consensus estimates: JPM ~$5.58 EPS; GS ~$14.47 EPS (up 32% year-over-year); BAC ~$1.12 EPS; WFC ~$0.71 EPS; C ~$2.73 EPS. Strong trading revenues are expected across the board given elevated market volatility in Q2.
• NFIB Business Optimism Index (10:00 AM ET) — Prior: 95.3; Consensus: 95.6.
• Fastenal (FAST) Earnings — Reports before the open.

What to Watch: Inflation, Banks, and the Oil Wildcard

Monday's session reinforced two central tensions that have defined markets in 2026: the stubborn persistence of the U.S.-Iran conflict and its oil price implications, and investor uncertainty about whether AI-driven chip demand can justify sky-high valuations. The dual-catalyst Tuesday — CPI plus five major bank earnings — could provide a definitive near-term direction for the market. If CPI comes in below expectations and banks beat on trading revenues, the stage could be set for a push toward the S&P 500's all-time high of 7,620.90. But if core inflation surprises to the upside, expect the Fed's hawkish lean to reassert itself and put pressure on rate-sensitive sectors. Investors should also watch closely for any further escalation in the Middle East, as oil prices above $80/bbl would start to materially pressure margins across the economy.