Equities fell Thursday as semiconductor weakness, escalating tensions with Iran, and lingering inflation concerns weighed on prices.

Today brings earnings from chip foundry giant TSM and Netflix, while data includes retail sales and jobless claims. Chips continue to whipsaw, but stocks are up so far this week.

Rising oil and Treasury yields hurt stocks early as Gulf tension rose, and chips added to pressure amid spending concerns despite TSM's strong earnings. Retail sales fell short.

With the main surge of bank earnings over, investors face Morgan Stanley today along with chip infrastructure firm ASML. PPI follows a light CPI and Warsh continues testimony.

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A hawkish pivot by the Federal Reserve and resilient U.S. growth could keep the dollar strong, but its gains could be limited by any narrowing of the U.S. interest rate advantage.

CPI, big bank results, and congressional testimony by Fed Chair Warsh are today's highlights. But action in the Middle East and the path of oil are also influential.

Inflation data from June hit lower than Wall Street estimates, lifting stocks early. Bank earnings generally impressed, and Fed Chair Warsh testifies before Congress later today.

The week starts slowly but accelerates tomorrow with CPI, big bank results, and congressional testimony by Fed Chair Warsh. Two key chip industry firms report later this week.