ORLANDO, Florida, July 13 (Reuters) - Oil prices surged,

Treasury yields spiked, and stocks fell on Monday after

President Donald Trump said the U.S. was reinstating its

blockade of Iranian shipping in the Gulf, while the slide in

tech shares continued as investors awaited U.S. bank earnings on

Tuesday.

If you have more time to read, here are a few articles I

recommend to help you make sense of what happened in markets

today.

1. Trump says US reinstates blockade of Iranian shipping in

Strait of Hormuz after new clashes

2. SK Hynix plunges after Nasdaq debut amid diminishing

earnings optimism

3. Global pension funds pull back on FX hedges as dollar

woes ease

4. Japan has no plans to overhaul pension funds' asset

allocation, sources say

5. China aims to spur consumption in first five-year

blueprint

Today's Key Market Moves

* STOCKS: South Korea -9%, Nikkei -2%. Europe, UK flat.

Major U.S. indices in the red, Nasdaq -1.5%.

* SECTORS/SHARES: SK Hynix -15%, TSMC +1%. Volkswagen +1%.

U.S. tech -2%, energy +3%. SanDisk-13%, Intel -6%, Nvidia -3.5%.

* FX: USD/CNY lowest daily fix since February 2023. USD/JPY

back above 162.00. HUF is biggest EM FX loser, -1%.

* BONDS: U.S. yields rise broadly, +6 bps at the short end

to bear flatten the curve. September Fed hike fully priced.

* COMMODITIES/METALS: Oil +9%, gold -3%.

Today's Talking Points

* Buy - or sell - the chip

The AI bull/bear debate is intensifying, and positions are

becoming more entrenched. Daily price swings and single stock

volatility are increasing, especially in Asia - South Korea's SK

Hynix fell a record 15% on Monday, and realized volatility in

the benchmark KOSPI remains extremely elevated. Meanwhile,

Taiwan's TSMC on Monday announced record revenue in Q2. The U.S.

turbulence is less severe, for now, but Wall Street is wobbling.

* Off the Waller

Fed Governor Christopher Waller struck a hawkish tone on Monday,

saying interest rates may need to be raised. Soon. His comments

come a day before June CPI inflation data are released, and

Chair Kevin Warsh is grilled by U.S. lawmakers. Waller is one of

the most influential voices on the Fed's 19-strong rate-setting

committee - an upside surprise in core CPI on Tuesday will

surely strengthen markets' already firming rate hike

expectations for later this year.

* Banking on it

Wall Street financial giants JPMorgan, Goldman Sachs, BofA

and Citi report on Tuesday, setting the tone for what analysts

expect will be a bumper Q2 earnings season, even by the

exceptionally high bar set by recent quarters. S&P 500 earnings

are expected to jump nearly 24% year on year, according to LSEG

IBES, with tech still expected to do the heavy lifting. Banks'

conference calls will be closely monitored for commentary on AI

and wider macro outlook.

What could move markets tomorrow?

* China trade (June)

* U.S. CPI inflation (June)

* U.S. 'TIC' flows data (May)

* U.S. Federal Reserve Chair Kevin Warsh's

'Humphrey-Hawkins' testimony to Congress

* U.S. earnings, including JPMorgan, Goldman Sachs, Citi,

Bank of America, Wells Fargo

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