S&P 500 Slips as Q2 Earnings Season Looms and Middle East Tensions Resurface
Major US stock indices closed mixed as investors prepared for a busy week of second-quarter corporate earnings while watching escalating Middle East tensions. The S&P 500 fell 0.31% on July 13, with financial stocks finding support as oil prices stabilized.
Market Performance and Earnings Expectations
The main stock market index of the United States, the S&P 500, fell to 7,552 points on July 13, 2026, losing 0.31% from the previous session. Despite recent volatility, the index remains 20.48% higher than a year ago, reflecting substantial gains throughout 2026.
Markets are positioning ahead of critical earnings releases. Major US banks, including JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and Wells Fargo, are set to report their latest quarterly results. The corporate reporting season kicking off is set to show a second straight quarter of earnings growth above 20%, an impressive feat that may confirm for investors that the bull case for equities remains intact.
Geopolitical Risks and Energy Markets
US stock futures edged lower as investors prepared for a busy week of corporate earnings while keeping a close watch on escalating tensions in the Middle East. The fragile situation in the Strait of Hormuz remains a key concern. Oil was highly volatile in June, ultimately falling -20% on the month on the reopening of the Strait of Hormuz. The ceasefire remains somewhat fragile, but markets remain content to give peace the benefit of the doubt, and until that changes, oil prices may remain under pressure as supply returns to the market.
Tech and Semiconductor Sector Momentum
SK Hynix American depositary receipts jumped 12.8% above their offering price after raising $26.5 billion in the largest-ever US listing by a foreign company. Peer chipmakers traded mixed, with Nvidia advancing 4% and AMD rising 2%, while Broadcom lost 0.3% and Intel shed 2.4%. In tech services, Meta jumped 6% after research firm SemiAnalysis published a positive report on its AI compute business. The semiconductor sector continues benefiting from AI infrastructure demand.