Stock Market Daily ·
Oil Surges Above $80, Stocks Sink on Hormuz Blockade and AI Chip Rout
Risk assets sold off sharply on Monday as President Trump reinstated a Strait of Hormuz blockade and announced a 20% shipping fee, driving Brent crude up nearly 10% and sparking a broad market sell-off. The AI trade took a direct hit when SK Hynix issued a weak profit outlook, sending memory chip stocks plunging and dragging the KOSPI down 9%. Investors rotated into Apple, which added $600 billion in value, as Wall Street braces for a pivotal week of bank earnings and heightened geopolitical tensions.
16 sources1 min read
Oil surges 9% after Trump reimposes Strait of Hormuz blockade President Trump announced a 20% shipping toll on vessels passing through the Strait of Hormuz, reimposing a blockade on Iranian ports, which sent Brent crude soaring 9.6% to $83.30 and WTI above $80. The escalation of US-Iran hostilities hammered equities, with the S&P 500 falling 0.8% and the Nasdaq tumbling 1.55% on the day. 123456
SK Hynix suffers record 15% crash, dragging memory stocks down SK Hynix shares plunged 15.4% in Seoul in their biggest single-day drop ever, after a brokerage report flagged weaker-than-expected HBM4 shipments and profits. The rout spread to Micron, Western Digital, and SanDisk (down ~6% each), while the KOSPI index collapsed nearly 9% and triggered circuit breakers. 7891011
Apple's $600B rally fueled by AI spending rotation Apple shares surged 15% from their late-June low, adding nearly $600 billion in market cap, as investors rotated out of overheated AI chip stocks into the relative safety of the iPhone maker. The move highlights growing skepticism over the payoff from massive data center spending across the tech sector. 12
Wall Street banks forecast near-record $39 billion trading revenue The five largest US banks—JPMorgan, Bank of America, Citigroup, Goldman Sachs, and Morgan Stanley—are expected to report combined Q2 trading revenue of roughly $39 billion, fueled by high volatility and strong M&A activity. Earnings season kicks off this week with analyst optimism high and estimates for S&P 500 growth near 23%. 131415
SpaceX stock slides close to IPO price amid growth rout Shares of SpaceX (SPCX) fell to $139.14, dipping near their listing price, as the broader sell-off in growth stocks and AI names intensified. Hedge fund rotation and profit-taking compounded pressure on the closely watched post-IPO stock. 1016
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