"The war in Iran breaks out again", US stocks fell sharply last night
On Monday (July 13) local time, all major U.S. stock indexes closed down, with the Nasdaq falling more than 1.5%. U.S. technology stocks suffered another sell-off, with the storage sector leading the decline: SanDisk fell more than 12%, Marvell Technology fell more than 7%, Intel fell more than 6%, and the Philadelphia Semiconductor Index fell 4.78%. South Korean chipmaker SK Hynix, which listed on Nasdaq last Friday, fell 9.3% on Monday. The stock surged 12% on its first day of listing. According to a report by Xinhua News Agency citing the New York Times on the 13th, US President Trump has officially notified Congress that the war in Iran has resumed.
On Monday (July 13) local time, all major U.S. stock indexes closed down, with the Nasdaq falling more than 1.5%. U.S. technology stocks suffered another sell-off, with the storage sector leading the decline: SanDisk fell more than 12%, Marvell Technology fell more than 7%, Intel fell more than 6%, and the Philadelphia Semiconductor Index fell 4.78%. South Korean chipmaker SK Hynix, which listed on Nasdaq last Friday, fell 9.3% on Monday. The stock surged 12% on its first day of listing. According to a report by Xinhua News Agency citing the New York Times on the 13th, US President Trump has officially notified Congress that the war in Iran has resumed. The market has been suppressed by multiple factors such as rising expectations for a rate hike by the Federal Reserve, intensifying conflict risks in the Middle East, and concerns about the valuation of the technology sector, and investor risk appetite has dropped significantly. In the commodity market, international oil prices surged, precious metals weakened across the board, and spot gold prices fell below the US$4,000 mark. U.S. chip stocks suffered heavy losses On Monday local time, the three major U.S. stock indexes all closed lower, with the Dow Jones Industrial Average falling 0.26% to 52,498.64 points, the S&P 500 Index falling 0.79% to 7,515.34 points, and the Nasdaq Composite falling 1.55% to 25,873.18 points. On the market, the storage and semiconductor sectors were among the top decliners. The Philadelphia Semiconductor Index fell 4.78%, SanDisk fell more than 12%, Marvell Technology fell more than 7%, ARM fell more than 7%, Intel fell more than 6%, Applied Materials fell more than 4%, Micron Technology fell more than 4%, AMD Semiconductor fell more than 4%, and Broadcom fell nearly 4%. South Korean chipmaker SK Hynix's U.S.-listed ADR fell 9.3% on Monday. The stock was listed on Nasdaq last Friday and soared more than 12% on its first day of listing. Most large technology stocks fell. Nvidia and Tesla fell by more than 3%, Meta fell by nearly 2%, Google fell by more than 1%, Microsoft rose by more than 1%, and Amazon rose by 0.80%. It is worth noting that Apple has recently emerged from an independent trend, with its stock price hitting a record high during the session. In this regard, there are large differences in market interpretation. Some people believe that factors such as the iPhone's autumn replacement cycle, the stability of gross profit margins brought about by pricing power, and Apple's AI feature upgrades have supported its fundamental performance. There are also market views that this is a defensive rotation of safe-haven funds within the technology sector. In addition, Chinese concept stocks had mixed gains and losses, with the Nasdaq China Golden Dragon Index falling 0.14%. In terms of popular Chinese concept stocks, Bawangchaji rose by more than 6%, BOSS Zhipin rose by nearly 4%, Weilai rose by more than 3%, and Beike rose by more than 3%. In terms of decline, Lukong fell by more than 6%, Hesai Technology fell by more than 6%, and Kingsoft Cloud fell by more than 4%. Fed governor unexpectedly made hawkish remarks Federal Reserve Governor Christopher Waller gave a speech in New York on Monday, and his hawkish stance exceeded market expectations. Waller made it clear that if this week's core inflation data is on the hot side again, the FOMC will consider tightening monetary policy in the near future. Waller said the U.S. economy is in good shape, the labor market is stable, and consumer demand remains resilient. However, inflationary pressures from tariffs, energy prices, and artificial intelligence infrastructure construction have brought monetary policy to a "crossroads." "No matter how you look at it, no matter which measure you use, inflation is rising this year." Waller said bluntly. "Right now, what I'm worried about is the pace of core inflation that remains high." He also said that he needs to see several months of core inflation data declining to believe that prices are moving in the right direction. Waller also said he would prefer to set the inflation target as a range, rather than the current single target of 2%, because the latter is too strict in assessing the effectiveness of policy. Waller said that he personally prefers to set the inflation target in the 1.5%-2.5% range, because it is unrealistic to require the central bank to accurately control inflation to reach a specific number. He said that using a single target point to judge the success or failure of monetary policy is sometimes too harsh, while using a target range may be more in line with actual economic operations. Waller's statement triggered a violent reaction because the market originally expected the Fed to remain patient in the face of energy price shocks. Expectations for interest rate hikes have soared to the highest level since Kevin Warsh took office. The CME Group's FedWatch tool shows that the current market estimate is that the probability of raising interest rates in July is close to 50%.
Previously, policy differences within the Federal Reserve on whether to restart interest rate increases have increasingly intensified. Many Federal Reserve officials have significantly intensified concerns about the outlook for inflation, and plan to push for the inclusion of "rate hikes" back into policy options at the interest rate resolution meeting to be held from July 28 to 29. "Fed spokesperson" Nick Timiraos also wrote that some colleagues of Federal Reserve Chairman Kevin Warsh are increasingly worried about inflation and may promote discussions on raising interest rates at this meeting. Warsh will testify before Congress this week, when he will have the latest June inflation data. This is also the last batch of important data released before the July interest rate meeting. Warsh will have the opportunity to guide the formation of this consensus. The soon-to-be-released June U.S. CPI data will provide direct argument support for both sides of the policy debate. Crude oil prices soar, spot gold falls below $4,000 mark According to Xinhua News Agency, the New York Times reported on the 13th that US President Trump has officially notified Congress that the war in Iran has resumed. According to Xinhua News Agency, the U.S. Central Command posted on social media on the 13th that at 16:45 Eastern Time that day, the U.S. military began launching a "third consecutive night" strike against Iran. U.S. Central Command stated that these strikes will continue to impose heavy costs on the Iranian military and weaken its ability to attack commercial ships in the Strait of Hormuz. Oil prices jumped to near one-month highs as merchant ship traffic in the Strait of Hormuz plummeted. As of the close of trading on July 13, the price of light crude oil futures for August delivery on the New York Mercantile Exchange rose by $6.73 to close at $78.14 per barrel, an increase of 9.42%; the price of London Brent crude oil futures for September delivery rose by $7.29 to close at $83.30 per barrel, an increase of 9.59%. Most U.S. energy stocks rose on Monday. Exxon Mobil rose more than 4%, Chevron rose more than 3%, ConocoPhillips rose more than 3%, Schlumberger fell 0.83%, and Occidental Petroleum rose more than 3%. At the same time, precious metals markets suffered heavy losses. As of press time, the spot gold price in London fell below the important $4,000 mark. Currently, the precious metals market is affected by both macroeconomic policies and regional situations, and market trading sentiment is obviously under pressure. On the one hand, rising expectations for the Federal Reserve to raise interest rates have put pressure on precious metal prices; on the other hand, the uncertainty of the situation in the Middle East has also caused fluctuations in market risk aversion. (
Previously, policy differences within the Federal Reserve on whether to restart interest rate increases have increasingly intensified. Many Federal Reserve officials have significantly intensified concerns about the outlook for inflation, and plan to push for the inclusion of "rate hikes" back into policy options at the interest rate resolution meeting to be held from July 28 to 29. "Fed spokesperson" Nick Timiraos also wrote that some colleagues of Federal Reserve Chairman Kevin Warsh are increasingly worried about inflation and may promote discussions on raising interest rates at this meeting. Warsh will testify before Congress this week, when he will have the latest June inflation data. This is also the last batch of important data released before the July interest rate meeting. Warsh will have the opportunity to guide the formation of this consensus. The soon-to-be-released June U.S. CPI data will provide direct argument support for both sides of the policy debate. Crude oil prices soar, spot gold falls below $4,000 mark According to Xinhua News Agency, the New York Times reported on the 13th that US President Trump has officially notified Congress that the war in Iran has resumed. According to Xinhua News Agency, the U.S. Central Command posted on social media on the 13th that at 16:45 Eastern Time that day, the U.S. military began launching a "third consecutive night" strike against Iran. U.S. Central Command stated that these strikes will continue to impose heavy costs on the Iranian military and weaken its ability to attack commercial ships in the Strait of Hormuz. Oil prices jumped to near one-month highs as merchant ship traffic in the Strait of Hormuz plummeted. As of the close of trading on July 13, the price of light crude oil futures for August delivery on the New York Mercantile Exchange rose by $6.73 to close at $78.14 per barrel, an increase of 9.42%; the price of London Brent crude oil futures for September delivery rose by $7.29 to close at $83.30 per barrel, an increase of 9.59%. Most U.S. energy stocks rose on Monday. Exxon Mobil rose more than 4%, Chevron rose more than 3%, ConocoPhillips rose more than 3%, Schlumberger fell 0.83%, and Occidental Petroleum rose more than 3%. At the same time, precious metals markets suffered heavy losses. As of press time, the spot gold price in London fell below the important $4,000 mark. Currently, the precious metals market is affected by both macroeconomic policies and regional situations, and market trading sentiment is obviously under pressure. On the one hand, rising expectations for the Federal Reserve to raise interest rates have put pressure on precious metal prices; on the other hand, the uncertainty of the situation in the Middle East has also caused fluctuations in market risk aversion. (