On July 10, the S&P 500 fell by 0.4%, while the Nasdaq Composite dropped by 1% after President Donald Trump announced he was reinstating what he called a blockade on Iranian shipping through the Strait of Hormuz:
Following Trump's announcement, oil prices surged, with U.S. West Texas Intermediate (WTI) futures rising by over 5% to top $75, and Brent crude futures advancing by 5.3% to $80:
This escalation came after Iran and the U.S. exchanged airstrikes:
Shares of SK Hynix were down 7%, while Micron Technology shares fell by 6%:
This week, major U.S. banks, including JPMorgan Chase, Goldman Sachs, and Bank of America, are expected to report their earnings:
Analysts estimate that second-quarter S&P 500 profits grew by over 23% year over year:
Core inflation data for June is also due out this week:
