US stocks rose modestly on Friday as SK Hynix’s (SKHYV) US listing tested the AI memory trade and investors monitored ceasefire talks between the US and Iran.
The Dow Jones Industrial Average (^DJI) gained 0.3%, while the S&P 500 (^GSPC) also rose 0.3%. The tech-heavy Nasdaq Composite (^IXIC) added 0.2% following a winning day on Wall Street.
Stocks were green after SK Hynix made its Nasdaq debut, Friday’s marquee event. Shares of the South Korean memory chip maker and Nvidia (NVDA) supplier opened at $170 per share, representing a pop of over 14% from its IPO price. The company raised $26.5 billion in its US share offering, making its US listing the largest ever by a foreign company.
Oil prices, meanwhile, eased as investors continued to watch developments in the Middle East after the US and Iran launched their heaviest attacks since the ceasefire agreement was signed.
West Texas Intermediate crude futures (CL=F) hovered near $71 a barrel, while Brent crude (BZ=F), the international benchmark, traded above $75 a barrel after President Trump said the US would continue talks with Iran but that he believed the ceasefire had ended.
In corporate news, Delta Air Lines (DAL) stock fell after the airline reported substantial fuel costs in the second quarter, offset by its premium business. The air carrier beat Wall Street’s earnings estimates and reinstated its full-year guidance.
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