**Market Update: July 13, 2026**
Pre-market futures are down, with the Nasdaq shedding 372 points (-1.24%), the Dow down 97 points (-0.18%), and the S&P 500 down 33 points (-0.43%). The small-cap Russell 2000 is down 12 points (-0.41%). Shares in South Korea’s SK Hynix have dropped 10% after CEO Kwak Noh-Jung warned of a severe memory shortage expected in 2027, impacting the AI sector. This has also led to a 6% decline in shares of SanDisk, a memory-chip maker.
**Geopolitical Tensions**
The U.S. has conducted airstrikes in Iran for the second consecutive night, targeting locations inland from the Strait of Hormuz, amidst escalating tensions marked by bombings launched by the Islamic State toward Gulf states. Traffic through the Strait has decreased by over 50%. Consequently, spot oil prices increased to $74 per barrel for WTI and $79 for Brent crude, up from $67 just a week ago. Additionally, bond yields have climbed, with the 10-year at +4.58% and the 2-year at +4.23%, marking an 18-month high.
**Key Earnings and Economic Data Ahead**
On Tuesday, major financial institutions including JPMorgan, Goldman Sachs, Citigroup, Bank of America, and Wells Fargo will release their Q2 earnings. Notably, Citi is expected to report the highest growth in this group. The Consumer Price Index (CPI) is also set to be released, with a negative month-over-month inflation rate expected at -0.2%, a first since the pandemic, reflecting lower crude oil prices following the reopening of the Strait of Hormuz.
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