Oil jumped 11.4%; why did the Nasdaq wobble more?

Today's Market

On the 13th (local time) the S&P 500 -0.8%, Nasdaq -1.6%, and Dow -0.3% closed lower. Escalating US-Iran conflict spiked oil and spread risk aversion.

• Escalating US-Iran military conflict sent oil +11.4% and VIX +14.2% (17.16) as risk aversion spread

• The Nasdaq fell most, dragged lower by a semiconductor plunge

• Next up: July 14 CPI and bank earnings (JPMorgan et al.)

Market Data

S&P 500

7,515.34

▼0.79%

NASDAQ

25,873.18

▼1.55%

DOW

52,498.64

▼0.26%

VIX

17.16

▲14.17%

Sector Heat Map

SPY benchmark + 11 GICS sectors · 1-day

S&P 500 SPY −0.77%	Technology XLK −2.42%	Comm. Svcs XLC −0.04%	Cons. Discr. XLY −1.02%
Cons. Staples XLP +0.56%	Energy XLE +3.01%	Financials XLF +0.65%	Health Care XLV +0.35%
Industrials XLI −0.85%	Materials XLB −0.61%	Real Estate XLRE +0.56%	Utilities XLU +0.68%

In Focus

A chip shock deepened the Nasdaq's drop 📉

SK Hynix's plunge dragged global chip names lower

• SK Hynix's plunge pulled global semiconductors down together — Marvell -7.8%, Intel -6.1%, sector -4.8%

• Memory-demand worries built — Q2 global smartphone shipments hit a 13-year low

• Rate and oil pressure compounded the hit to growth valuations

Software, by contrast, stood alone in the green 📈

As chips collapsed, SaaS and cloud diverged

• Atlassian (TEAM) +8.2% and Salesforce (CRM) +4.8% jumped

• Relative resilience amid the chip/energy shock stood out — earnings-season guidance is the test of whether it holds

This Week

ALL TIMES EASTERN (ET)

• Tue 7/14 JPM earnings | EPS est $5.79

• Tue 7/14 BAC earnings | EPS est $1.12

• Tue 7/14 GS earnings | EPS est $14.51

• Tue 7/14 CPI

• Wed 7/15 JNJ earnings | EPS est $2.86

• Wed 7/15 PPI

• Thu 7/16 TSM earnings | EPS est $3.83

• Thu 7/16 Retail Sales

• Fri 7/17 Industrial Production

For informational purposes only. Not investment advice. All investment decisions are your own responsibility.

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