Wall Street muted, SK Hynix shares rally 14% in Nasdaq debut

US stock markets traded largely flat on Friday as South Korean semiconductor giant SK Hynix rallied in its debut on Nasdaq.

At 11:57 a.m. ET, the Dow Jones Industrial Average rose 110.06 points, or 0.21%, to 52,597.47, the S&P 500 gained 9.75 points, or 0.13%, to 7,553.35 and the Nasdaq Composite lost 5.36 points, or 0.02%, to 26,201.53.

At the opening bell, the Dow Jones Industrial Average rose 135.5 points, or 0.26%, to 52622.92. The S&P 500 rose 4.0 points, or 0.05%, to 7547.64​, while the Nasdaq Composite dropped 31.4 points, or 0.12%, to 26175.535.

The advanced memory chip supplier, a key player in the artificial intelligence (AI) ecosystem, raised $26.5 billion through share sale in the US. The offering ranks among the biggest stock sales worldwide, following the record-setting initial public offering of SpaceX last month.

SK Hynix's US-listed shares jumped 14% in their Nasdaq debut, reflecting strong investor demand for AI-related semiconductor companies.

SK Hynix'sADRs, ten of which equal one common share, opened at $170 apiece. The offer price was $149.

Chipmakers have been among the biggest winners of this year’s AI-driven market rally, as investors continue to bet on increased spending by major cloud computing companies, or hyperscalers, on artificial intelligence infrastructure.

Meanwhile, crude oil prices stabilised after a sharp rise earlier in the week as renewed clashes between the United States and Iran intensified concerns over possible supply disruptions and the potential inflationary impact of geopolitical tensions.

In the fixed-income market, US Treasury yields remained mostly steady. The benchmark 10-year Treasury yield edged slightly higher to 4.55%, compared with 4.54% at Thursday’s close.

Key Stock Movers

Meta Platforms shares jumped 6.1%, adding to recent gains driven by investor optimism around artificial intelligence investments and business growth.

Shares of Micron Technology declined 1.6%, despite continued strength in the broader chip sector.

Delta Air Lines stock dropped 2.5% even after the airline projected third-quarter earnings above Wall Street expectations, as investors weighed broader industry pressures.

Cryptocurrency-linked stocks also moved higher as bitcoin prices gained momentum. Strategy shares rose 5%, while Coinbase advanced 3.1%.

Bullion

Gold prices faced downward pressure on Friday as a potent mix of surging crude oil prices and intensified friction between the US and Iran weighed on investor sentiment. This escalation has sparked widespread concern across global markets that the Federal Reserve will feel compelled to maintain its aggressive, tight monetary policy for a more extended period than previously anticipated to combat lingering inflationary pressures.

By 1106 GMT, spot gold fell 0.4% to $4,105.97 per ounce. US gold futures for August delivery slipped 0.6% to $4,114.80 per ounce.

Among other metals, spot silver fell 1.1% to $59.34 per ounce, platinum gained 0.51% to $1,618.47 and palladium climbed 1.6% to $1,267.80.

"Spot prices may once again test the $4,000 per ounce level for psychological support should tensions escalate further and oil prices extend their rebound," said Han Tan, chief market analyst at Bybit.

Crude Oil

Oil prices rose on Friday as renewed US-Iran fighting disrupted shipping in the Strait of Hormuz.

Brent futures were up 29 cents, or 0.38%, at $76.59 a barrel by 0120 GMT. US West Texas Intermediate (WTI) crude rose 17 cents, or 0.24%, to $72.25.