New York, July 13, 2026, 16:14 (EDT)
U.S. stocks ended Monday in the red, but the main indexes hid most of the hit. The PHLX Semiconductor Index tumbled 4.78%, falling much harder than the S&P 500’s 0.79% dip. The S&P 500 Equal Weight Index barely budged, off just 0.05%.
| Market gauge | Close | Day move |
|---|---|---|
| Dow Jones Industrial Average | 52,498.64 | down 0.26% |
| S&P 500 | 7,515.34 | fell 0.79% |
| Nasdaq Composite | 25,873.18 | dropped 1.55% |
| PHLX Semiconductor Index | 12,347.78 | slid 4.78% |
| S&P 500 Equal Weight Index | 8,678.70 | off just 0.05% |
The split is important because the regular S&P puts more weight on its largest names, but the equal-weight version gives every stock a 0.2% share at each quarterly rebalance. On Monday, the gap was 0.74 percentage point—large caps drove the index lower. The moves looked tied more to a revaluation of the handful of AI-heavy names than any broad selloff in U.S. stocks.
| Concentration check | Result | Investor read-through |
|---|---|---|
| Chip index lost 6.1 times as much as S&P | 6.1 times | Semis drove the action across stocks |
| S&P fell 0.74 point more than equal-weight | 0.74 percentage point | Big players pulled the S&P down harder |
| Nasdaq declined 1.29 points more than Dow | 1.29 percentage points | Extra tech hit the Nasdaq hardest |
But this wasn’t a straightforward shift across the market. On the New York Stock Exchange, losers beat winners by a ratio of 1.57 to 1. On Nasdaq, it was 1.89 to 1. Tech was the worst-performing S&P sector. Energy was the top sector. Ross Mayfield, investment strategy analyst at Baird, called moves in memory and chip stocks “incredibly volatile.” Reuters
Memory stocks were in focus. SK Hynix NASDAQ:SKHY dropped hard in U.S. trade after its Friday debut. The ADRs, which are U.S.-traded certificates for foreign shares, priced at $149 and finished the first session at $168. SK Hynix took 58% of first-quarter high-bandwidth-memory revenue, the type used in AI. Samsung Electronics KRX:005930 and Micron Technology NASDAQ:MU each had 21%. Phil Blancato from Ladenburg Thalmann said he didn’t see it as “the end of the run.” But Morningstar NASDAQ:MORN analyst Jing Jie Yu flagged possible “price erosion” as new supply is expected in 2027 and 2028. Reuters
Oil pushed markets both ways on Monday, working as a hedge but also adding to macro worries. Brent crude surged 9.59% to close at $83.30 a barrel. U.S. West Texas Intermediate finished up 9.42% at $78.14. Prices jumped after word of a U.S. naval blockade set for Tuesday brought shipment fears back to the Strait of Hormuz. Energy stocks caught a bid, but traders weighed what this could mean for the next inflation print.
Treasury yields moved up on those worries. The 10-year yield gained 2.85 basis points to 4.598% late, and the two-year yield hit 4.248%, a level not seen since February 2025. One basis point is equal to 0.01 percentage point. Higher yields can pressure growth stocks that depend on future profits.
Tuesday is shaping up as a key day. The June consumer price index comes out before markets open, and JPMorgan Chase NYSE:JPM and Goldman Sachs NYSE:GS kick off bank earnings. LSEG has forecast 23.7% aggregate profit growth for the S&P 500 in the second quarter. “There were a lot of factors coming to a head all at once,” Glenmede strategist Michael Reynolds said. Reuters
The setup could flip fast. A weaker inflation print or some relief at Hormuz may unwind the oil and yield trades and draw buyers back to chips. The risk: if inflation stays firm and Brent stays above $80, what’s now a valuation hit for a few names could spill out into a wider selloff.
There could be another pressure point in bank earnings calls. Hyperscalers, which are the top cloud and AI-infrastructure firms, drove a 32% jump in U.S. investment-grade corporate bond supply for 2026 through July 10, Bank of America NYSE:BAC research said, as reported by MarketWatch. That puts comments about AI-related underwriting and bond holdings in focus, after chip names dragged on the index in the last session.
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