Morgans AM - Tuesday, 14 July 2026

US equity markets retreated and oil prices and bond yields jumped after President Trump said the U.S. was reinstating a blockade of Iranian ships in the Strait of Hormuz, reigniting inflation fears and dampening risk appetite – Dow lost -138-points or -0.26%, with Nvidia Corp (down -3.52%) and Boeing Co (-3.05%) falling over >3%. Salesforce Inc rallied +4.84% to be the leading performer in the 30-stock index. Apple Inc rose +0.63% to US$317.31 and touched a record high (US$323.45), with analysts at Citigroup lifting their target price on the technology giant to US$365 from US$315 previously, noting they believe “Apple’s ability to implement selective price increases will help offset margin pressures, while its premium brand and loyal customer base should limit demand weakness.” They also noted that the iPhone 18 launch in September could be an important catalyst that bolsters investor sentiment.