US close: Stocks lower as oil spikes on Trump's Hormuz blockade claim

13th Jul 2026 22:56

(Sharecast News) - Major indices closed lower on Monday after Donald Trump said he was reinstating what he described as a blockade on Iranian shipping through the Strait of Hormuz, sending oil prices sharply higher.

At the close, the Dow Jones Industrial Average was down 0.26% at 52,498.64, while the S&P 500 shed 0.79% to 7,515.34 and the Nasdaq Composite saw out the session 1.55% weaker at 25,873.18.

The Dow closed 138.37 points lower on Monday, almost reversing gains recorded in the previous session as US stocks pushed into positive territory, buoyed by renewed optimism in the AI and semiconductor sectors.

On Monday, Trump took to social media to say America's action in the Middle East would stop Iranian vessels and their customers from entering or leaving the waterway, adding that the US would act as "the guardian of the Hormuz Strait" and seek reimbursement of 20% on all cargo shipped to cover security costs.

Trump's announcement followed a weekend of renewed escalation, with Iran and the US exchanging airstrikes. Tehran targeted American facilities in several Gulf states and declared the strait closed, though the US president disputed that claim on Sunday, insisting commercial traffic remained able to pass. Trump ordered strikes on Iran on Saturday after an attack on a commercial vessel transiting the strait.

Crude prices moved higher on the session as tensions escalated, with international benchmark Brent crude rising 9.46% to $83.20 a barrel, while West Texas Intermediate surged 9.42% to $78.14 a barrel.

On the macro front, growing refunds from Donald Trump's tariffs, after they were ruled illegal, pushed the US federal budget deficit to $120bn in June, the Treasury Department said on Monday, reversing the $27bn surplus recorded a year earlier that the administration had cited as evidence of tariff success. The Treasury reported $23.6bn in gross customs duty collections for the month, but $49.2bn in refunds, resulting in a net outflow of $25.6bn. Refunds began in May after the US Supreme Court struck down Trump's broadest global tariffs in February, ruling them illegal under the International Emergency Economic Powers Act. June refunds more than doubled the $22bn returned in May, which had produced a smaller $42m outflow.

No major corporate earnings were released on Monday, but this week will still be a busy one for US corporate earnings, with major banks JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and Wells Fargo all set to report before the end of the week. Netflix, Johnson & Johnson and UnitedHealth will also report before the week is done.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Salesforce.Com Inc. (CRM) $171.22 4.82%

Dow Chemical Co. (DOW) $30.37 4.62%

Chevron Corp. (CVX) $182.20 3.30%

Visa Inc. (V) $357.75 2.52%

Verizon Communications Inc. (VZ) $42.68 1.33%

American Express Co. (AXP) $354.43 1.10%

Unitedhealth Group Inc. (UNH) $429.09 1.05%

International Business Machines Corporation (CDI) (IBM) $290.23 0.93%

Procter & Gamble Co. (PG) $148.37 0.92%

Coca-Cola Co. (KO) $84.25 0.91%

Dow Jones - Fallers

Intel Corp. (INTC) $103.12 -5.10%

Boeing Co. (BA) $215.51 -3.05%

Caterpillar Inc. (CAT) $931.47 -2.20%

Home Depot Inc. (HD) $337.11 -1.80%

Nike Inc. (NKE) $43.76 -1.37%

Goldman Sachs Group Inc. (GS) $1,045.91 -0.88%

McDonald's Corp. (MCD) $272.61 -0.72%

JP Morgan Chase & Co. (JPM) $334.53 -0.58%

Amgen Inc. (AMGN) $360.45 -0.44%

Microsoft Corp. (MSFT) $390.99 -0.09%

S&P 500 - Risers

Robert Half Inc. (RHI) $35.59 9.85%

DENTSPLY Sirona Inc. (XRAY) $12.78 7.39%

Biogen Inc (BIIB) $209.03 6.51%

Gartner Inc. (IT) $141.31 6.06%

Valero Energy Corp. (VLO) $295.79 5.38%

Phillips 66 Common Stock (PSX) $198.29 5.27%

TripAdvisor Inc. (TRIP) $14.40 5.24%

Salesforce.Com Inc. (CRM) $171.22 4.82%

HF Sinclair Corporation (DINO) $81.70 4.65%

Marathon Petroleum Corporation (MPC) $296.88 4.63%

S&P 500 - Fallers

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Oracle Corp. (ORCL) $131.54 -6.47%

NetApp Inc. (NTAP) $163.93 -5.71%

United Airlines Holdings Inc (UAL) $121.16 -5.32%

Alaska Air Group Inc. (ALK) $46.80 -5.30%

Ralph Lauren Corp (RL) $374.49 -5.17%

Intel Corp. (INTC) $103.12 -5.10%

T. Rowe Price Group Inc. (TROW) $113.65 -4.72%

Whirlpool Corp. (WHR) $38.85 -4.59%

Advance Auto Parts (AAP) $55.31 -4.56%

Nasdaq 100 - Risers

DENTSPLY Sirona Inc. (XRAY) $12.78 7.39%

Biogen Inc (BIIB) $209.03 6.51%

Vodafone Group Plc ADS (VOD) $15.47 5.81%

Intuit Inc. (INTU) $289.76 4.45%

Paychex Inc. (PAYX) $110.75 3.51%

Automatic Data Processing Inc. (ADP) $251.05 3.40%

Verisk Analytics Inc. (VRSK) $193.73 3.22%

Mondelez International Inc. (MDLZ) $59.86 3.22%

O'Reilly Automotive Inc. (ORLY) $87.28 3.11%

T-Mobile Us, Inc. (TMUS) $188.41 3.09%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Intel Corp. (INTC) $103.12 -5.10%

Baidu Inc. (BIDU) $113.39 -4.29%

Lam Research Corp. (LRCX) $329.92 -3.55%

Broadcom Inc. (AVGO) $384.05 -3.54%

Tesla Inc (TSLA) $394.76 -3.34%

Microchip Technology Inc. (MCHP) $84.23 -3.32%

Micron Technology Inc. (MU) $937.00 -3.32%

Marriott International - Class A (MAR) $362.87 -3.18%

Seagate Technology Plc (STX) $860.66 -3.00%