US stock indices ended higher on Friday following a strong debut from South Korean memory chip maker SK Hynix as investors prepare for the earnings season. The S&P 500 ended 0.4% higher, while the Nasdaq 100 rose 0.3% and the Dow Jones Industrial Average gained 0.3%. SK Hynix surged 13% above their $149 offering price, opening at $170 on the Nasdaq. The rally occurred as corporate America begins reporting quarterly earnings at a time when investor expectations, especially from tech and AI stocks, are elevated.
US Stock Indices Post Gains on Friday
The S&P 500 closed at 7,575.39, up 0.4%, while the Nasdaq 100 ended at 29,825.11, gaining 0.3%. The Dow Jones Industrial Average rose 0.3% to 52,637.01. The Russell 2000, which tracks stocks with small market capitalizations, fell 0.5%. Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) gained 0.5% and Invesco QQQ Trust (QQQ) ended Friday around 0.4% higher, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.4%. The VanEck Semiconductor ETF (SMH) added 0.5%, while the broader Vanguard Information Technology ETF (VGT) rose about 0.3%, with gains in Meta Platforms (META) and Nvidia (NVDA) offsetting weakness in Micron (MU), SpaceX (SPCX), Broadcom (AVGO) and Amazon (AMZN).
SK Hynix Surges 13% in US Debut
South Korean memory chip manufacturer SK Hynix made its U.S. debut on Friday, opening at $170 on the Nasdaq and last trading up about 13%. The company's American depository receipts, which surged dramatically this year amid massive demand for memory, were priced at $149 each. The historic Wall Street debut has triggered a rush of interest from international companies looking to tap into U.S. exchanges, according to Nasdaq Inc. leadership.
Meta Platforms Launches AI Initiatives and Chip Manufacturing Plans
Meta Platforms (META), along with Hewlett-Packard (HPE) and Arista Networks (ANET), were the top gainers in the S&P 500. Meta's launch of its Muse Spark 1.1 to tackle competition from OpenAI and Anthropic in the AI coding space coupled with its plans to begin manufacturing its in-house AI chip, codenamed 'Iris,' in September supported stock prices. The stock breached its 200-day moving average (200-DMA) for the first time in over two months, as optimism around its AI initiatives, along with bullish Wall Street commentary, lifted investor sentiment.
Boeing Opens Fourth 737 Max Assembly Line
Boeing (BA) formally opened its fourth 737 Max assembly line near Seattle on Friday, as the US planemaker looks to cash in on its growing backlog.
Circle Receives OCC Approval for Digital Currency Bank
Circle (CRCL) received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, which would operate as Circle National Trust.
Delta Air Lines Reaffirms Full-Year Profit Guidance
Delta Airlines (DAL) chief commercial officer, Joe Esposito, said the airline is witnessing continued momentum across its customer segments and expects it to persist through the year.
Oil Prices Ease on Iran Talks
While tech stocks provided support, oil prices eased after President Donald Trump noted talks with Iran would continue, shortly after he claimed the ceasefire with Iran was over. Clark Bellin at Bellwether Wealth told Bloomberg that the muted reaction to the re-escalation of Iran tensions this week is prime evidence that the market is looking past geopolitical tensions.
FAQ
What did US stock indices do on Friday?
The S&P 500 ended 0.4% higher at 7,575.39, the Nasdaq 100 rose 0.3% to 29,825.11, and the Dow Jones Industrial Average gained 0.3% to 52,637.01 on Friday.
How did SK Hynix perform in its US debut?
SK Hynix surged 13% above their $149 offering price, opening at $170 on the Nasdaq on Friday. The company's American depository receipts were priced at $149 each.
What AI initiatives did Meta Platforms announce?
Meta Platforms launched its Muse Spark 1.1 to tackle competition from OpenAI and Anthropic in the AI coding space and announced plans to begin manufacturing its in-house AI chip, codenamed 'Iris,' in September.
