By Heard on the Street Staff

This is an edition of the Markets P.M. newsletter, a recap of the day's most important markets moves, delivered after the closing bell. If you're not subscribed, sign up here.

What Happened in Markets Today

The Nasdaq dropped 1.6% as AI stocks faced a harsh reality check. SK Hynix's Korean shares plummeted 15% -- their steepest one-day fall on record -- following the chip maker's red-hot U.S. debut on Friday. The broader semiconductor sector followed suit, with shares of Micron, Intel, Marvell, and ARM Holdings all shedding 4% or more as investors questioned whether the dizzying AI trade has more room to run.

Oil jumped on geopolitical tensions. Brent crude spiked 9.6% to $83.30 a barrel -- its sharpest move since 2020 -- after President Trump announced a reimposed U.S. blockade on Iranian shipping in the Strait of Hormuz. The U.S. asserted it will keep the strait open under its protection but charge a 20% fee on every cargo as compensation.

The renewed clashes between the U.S. and Iran also rippled through precious metals. Gold tumbled nearly 3% to close just under $4,000 per troy ounce, marking its second-largest percentage decline of the year. Silver mirrored the slide, falling 3.6% to $57.634. The metal has now plummeted 50% from its January record of $115.

Investors are now bracing for a busy week ahead. Earnings season officially kicks off tomorrow with highly anticipated results from major U.S. banks, including JPMorgan Chase and Goldman Sachs. Markets will also be keeping a close eye on Washington, where new Fed Chair Kevin Warsh is scheduled to testify before Congress.

Markets at a Glance

One Big Story

The biggest gold ETF, GLD, is down 25% from January's all-time closing high. Silver, another haven asset that tends to be more volatile, has tumbled 49% from its record of $115 per troy ounce achieved early this year.

What's Coming Up

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About Us

Markets P.M. catches you up on the day's most important markets moves, delivered after the closing bell. This email was written by David Wainer, a columnist for Heard on the Street, The Wall Street Journal's home for financial analysis and commentary. To send us your feedback, reply to this email. Got a tip for us? Here's how to submit.

(END) Dow Jones Newswires

July 13, 2026 16:15 ET (20:15 GMT)