Markets Close: Nasdaq Drops 1.55% as Oil Surges 9% Above $83 on Renewed Iran Tensions
- The Nasdaq composite fell 1.55%, the S&P 500 declined 0.79%, and the Dow slipped 0.29% at the close July 13, with chip and AI names like Micron and Nvidia leading the slide (Reuters, CNBC).
- Brent crude surged roughly 9% to close above $83 a barrel after President Trump announced the reinstated Hormuz naval blockade and a proposed 20% security fee on all cargo transiting the strait (MarketWatch, Bloomberg).
- The session marked a sharp reversal from the prior week's risk-on tone, with oil-led inflation fears pulling two-year Treasury yields to their highest since February 2025 and reigniting Fed-hike bets.