TLDR
- U.S. stock futures were mixed Tuesday as investors braced for major bank earnings and key inflation data
- The U.S. military carried out a third night of strikes against Iran, and Trump reinstated a naval blockade of the Strait of Hormuz
- Oil prices jumped, with Brent crude rising over 2% to $84.78 a barrel
- JPMorgan Chase, Bank of America, Goldman Sachs, Wells Fargo, and Citigroup are all reporting second-quarter earnings today
- June’s CPI report is due Tuesday, with economists expecting annual inflation to fall to 3.8%
U.S. stock futures were mixed on Tuesday morning as investors juggled a packed news day — major bank earnings, fresh inflation data, and rising tensions in the Middle East.
Futures on the Nasdaq 100 were up 0.22%, while S&P 500 and Dow Jones futures were slightly lower at 1:30 a.m. EDT.
Monday’s session was rough for tech stocks. The Nasdaq Composite dropped 1.55% after SK Hynix fell 9.3%, dragging memory chip stocks lower. The S&P 500 fell 0.79% and the Dow declined 0.26%.
Iran Tensions Push Oil Higher
The U.S. military completed a third straight night of strikes against Iran on Monday, targeting sites linked to attacks on commercial shipping. President Trump also reinstated a naval blockade on Iranian ships in the Strait of Hormuz and floated a 20% fee for protecting commercial vessels passing through.
BREAKING: President Trump says the US is reinstating its blockade of the Strait of Hormuz for Iranian ships and customers.
Trump says the US will now be known as "The Guardian of the Strait of Hormuz" and will be "reimbursed" at a rate of 20% on all cargo shipped.
It appears… pic.twitter.com/MtjidgWMMM
— The Kobeissi Letter (@KobeissiLetter) July 13, 2026
Oil responded sharply. Brent crude rose more than 2% to $84.78 a barrel. WTI crude climbed 2.26% to $79.85.
The Strait of Hormuz carries a large share of global oil shipments. Any disruption there could push energy prices higher and feed into broader inflation.
Nvidia is also in focus. The company reportedly cut by more than half the number of Asian customers approved to buy its AI chips. According to the Financial Times, Nvidia created a new list of vetted buyers in Singapore, Malaysia, and Japan as it tightens compliance with U.S. export rules. Companies removed from the list can reapply after meeting the new requirements.
Big Banks Report Earnings
Five of the biggest U.S. banks report second-quarter results Tuesday — JPMorgan Chase, Bank of America, Goldman Sachs, Wells Fargo, and Citigroup.
Bank earnings are closely watched because they give a picture of consumer spending, business lending, and credit quality across the economy.
Strong results could reassure markets that the economy remains on solid footing. Weaker numbers could stoke concerns about slowing growth.
Investors will also be watching the June Consumer Price Index report, due out Tuesday.
Economists polled by Dow Jones expect consumer prices to have fallen 0.2% in June, partly due to a drop in energy costs. That would bring the annual inflation rate to 3.8%.
Core inflation, which strips out food and energy, is expected to hold at 2.8% annually — still above the Federal Reserve’s 2% target.
Fed Governor Christopher Waller said Monday that another rate hike may be needed if inflation stays too high. New Fed Chair Kevin Warsh begins two days of congressional testimony this week, which could give more clues on where rates are headed.
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