US stocks tumbled at midday as SK Hynix collapsed and semiconductor stocks cratered following profit-taking from Friday's IPO surge. The US-Iran military escalation sent crude oil soaring 4-7%, stoking inflation concerns while energy stocks cushioned the broader decline. With major bank earnings kicking off tomorrow and June CPI due Tuesday, volatility could persist into the close.
→ Bank earnings season kicks off Tuesday with Citigroup, Goldman Sachs, Wells Fargo, JPMorgan Chase, and Bank of America reporting Q2 results
→ June CPI lands Tuesday, expected to have risen at an annual rate of 3.8%, down from 4.2% in May
→ Fed Chair Kevin Warsh delivers his first semi-annual monetary policy testimony to Congress Tuesday amid an ongoing central bank debate over whether to tighten or hold policy