The Dow's been on a bumpy ride the
last week, mostly driven by US-Iran tensions in the Strait of Hormuz.
Where things stand today (Tuesday,
July 14):
- Futures are mixed as markets brace for the June CPI
report, due out this morning, plus testimony from Fed Chair Kevin Warsh
before the House Financial Services Committee.
- The Dow opened higher today even as chip stocks slid
and the S&P 500 dipped on Iran tensions.
Recent moves:
- Monday, the Dow fell 138.37 points (0.26%) to close at
52,498.64, while the S&P 500 dropped 0.79% and the Nasdaq fell 1.55%.
- President Trump announced he's reinstating a blockade
of Iranian shipping through the Strait of Hormuz, and said the US would
charge a 20% fee on all cargo shipped through it. Oil prices jumped on the
news, with WTI crude rising 9.4% to top $78/barrel and Brent crude up 9.6%
to above $83.
- Markets have been on edge since the US renewed strikes
near the Strait of Hormuz over the weekend, with Iran retaliating against
US allies including Kuwait, Jordan, and Qatar. This threatened talks
between the US and Iran, even as Trump said negotiations were ongoing
despite calling the ceasefire "over."
- Last Wednesday saw a sharper drop — the Dow fell 576.76
points (1.09%) to 52,348.39 after Trump said the ceasefire was off.
What's ahead: Earnings season unofficially kicks off this week with big
bank results from JPMorgan Chase, Goldman Sachs, and Bank of America, plus
Taiwan Semiconductor's results as an AI-demand signal, and reports from Netflix
and Dow component UnitedHealth.
aap kya sochte hai