CNBC — 2026-07-13#

Lead Story#

Global markets were jolted after the U.S. and Iran exchanged military strikes over the weekend, prompting President Donald Trump to reinstate a blockade on Iranian shipping in the Strait of Hormuz. Trump also demanded a 20% toll on all cargo shipped through the critical waterway to reimburse the U.S. military for protection, sparking fears of a massive disruption to global energy supplies.

Markets & Economics#

The geopolitical escalation in the Middle East sent oil prices surging, with Brent crude advancing 5.3% to $80 per barrel and West Texas Intermediate jumping 5.3% to $75.18. While energy stocks gained on the Trump proposes 20% toll on cargo through Strait of Hormuz; restarts Iran blockade news, broader markets slipped and tech stocks faced intense pressure. SK Hynix shares tumbled over 10% in Seoul following a stellar Nasdaq debut, dragging down Asian semiconductor peers and U.S. futures. Meanwhile, Federal Reserve Governor Christopher Waller cautioned that the central bank shouldn’t “fight the last war” on inflation, keeping the possibility of near-term rate hikes alive ahead of Tuesday’s crucial Consumer Price Index report. For a broader perspective on market resilience, watch We remain very constructive on both the U.S. economy and the markets: State Street’s Yie-Hsin Hung. Former envoy Amos Hochstein also weighed in on the diplomatic fallout in Amos Hochstein on U.S.-Iran war: We’re seeing the consequences of a hurried deal.

Business & Earnings#

Wall Street is bracing for blockbuster second-quarter earnings from major banks like JPMorgan Chase, Goldman Sachs, and Bank of America, fueled by heightened trading volatility and hundreds of millions in underwriting fees from the recent SpaceX IPO. In the media sector, Paramount and Warner Bros. Discovery were hit with an antitrust lawsuit from a coalition of 12 states, led by California, attempting to block their mega-merger. Big Tech continues its aggressive infrastructure build-out, with Meta announcing its Louisiana Hyperion data center project will expand to a 5GW facility costing over $50 billion. Meanwhile, chip demand remains red-hot, evidenced by Taiwan Semiconductor Manufacturing Co. reporting a 68% year-over-year surge in June revenue ahead of its Q2 earnings.

Investing & Commentary#

Jim Cramer pointed out that the oil price spike has triggered classic “Pavlovian trades,” recommending immediate beneficiaries like Valero Energy, Dow Inc., and Mosaic. Ahead of the Q2 reporting season, Evercore ISI strategist Julian Emanuel highlighted four “beaten-down beat and raisers”—Nvidia, Alphabet, Netflix, and Booking Holdings—that could rally on positive earnings surprises. Options traders are echoing this optimism for Netflix, placing heavily bullish bets on the streamer ahead of its Thursday report. On the technical front, Katie Stockton of Fairlead Strategies noted that Brazil’s stock market ETF (EWZ) presents a compelling tactical opportunity, displaying constructive chart action as commodity prices stabilize.

Also Worth Watching#

• Buy now, stress later? The risk of paying late: Consumer borrowing using ‘Buy Now, Pay Later’ loans is surging for daily expenses, but new data shows defaults are on the rise.
• U.S. judge voids Trump settlement with IRS: A federal judge barred President Trump from using a controversial DOJ settlement in his $10 billion lawsuit against the IRS.
• Nordic American Tankers CEO: We are not sending any tankers back through the Strait of Hormuz: Herbjorn Hansson calls the U.S. demand for a 20% toll unrealistic as major shippers halt transits.
• Private capital can still play a very significant role in U.S. housing: Pretium Co-President: Stephen Scherr discusses the impact of the new bipartisan housing affordability bill and the state of the market.
• Watch CNBC’s full interview with Comptroller of the Currency Jonathan Gould: The regulator discusses new guidance scrutinizing bank loans to immigrants without U.S. work authorization.