Chip Stocks Crash And Oil Surges: SK Hynix Plunges 9% A Day After Its $26 Billion Nasdaq Debut While Brent Hits $84.95 And Bank Earnings Week Begins
According to CNBC, US stock markets fell sharply on Monday July 13 as escalating US-Iran tensions hammered semiconductor stocks and sent oil prices surging, with the Nasdaq Composite dropping 1.55% to 25,873, the S&P 500 falling 0.79% to 7,515, and the Dow losing 0.29% to 52,498.
The session’s biggest casualty was SK Hynix, which had surged 13% in its Wall Street debut on Friday. Its US-listed shares collapsed 9% on Monday while Seoul-listed shares plunged over 15%; the worst single day in the company’s history, dragging South Korea’s Kospi down 9% and triggering a market-wide circuit breaker. Micron fell 4%, Sandisk shed 12%, AMD slipped 4%, and Intel dropped 6%.
Meanwhile Brent crude surged 5.8% to $84.95 per barrel and WTI climbed 4.4% to $79.56, as Iran declared the Strait of Hormuz closed and the US reinstated its naval blockade. Shares of major US banks; JPMorgan, Goldman Sachs, Bank of America, Citigroup and Wells Fargo also dipped ahead of their quarterly earnings reports due Tuesday.
This is the market’s recurring nightmare: oil spikes, chips bleed, and the Fed has less room to help. The AI trade is not broken — but it is being stress-tested in real time by a geopolitical crisis that has no clear resolution date.
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