- The S&P 500 rose 0.3% in afternoon trading on Friday, on pace for its fourth winning week in the last five. The Dow Jones Industrial Average closed Thursday at 52,478.41, up 0.3% or 139.02 points, while the Nasdaq Composite finished at 26,206.89, rising 1.3% or 336.24 points on strong performance by AI-linked names.
- US stock futures were mixed heading into the open: Nasdaq 100 futures fell 0.34%, S&P 500 futures slipped 0.05%, and Dow Jones futures edged up 0.12%, as the semiconductor sector faced some pressure ahead of the SK Hynix debut.
- SK Hynix (SKHYV, switching to SKHY July 13) opened at $170 on the Nasdaq on Friday — a 14% pop from its $149 IPO price — after raising $26.5 billion in the largest-ever US listing by a foreign company, surpassing Alibaba's $25 billion record from 2014. The offering was oversubscribed more than seven times on strong institutional demand, making it the second-largest IPO in history after SpaceX's $75 billion raise last month. Some traders flagged concern that the new offering may compete for funds with domestic memory names like Micron Technology.
- Delta Air Lines (DAL) fell after reporting Q2 results that beat earnings and raised full-year guidance, but elevated fuel costs linked to the ongoing Iran war weighed on margins and dampened investor enthusiasm. Airline stocks more broadly have faced turbulence this week as oil prices rebounded on renewed Hormuz hostilities.
- New York Fed President John Williams said Friday that sustained AI-driven demand could necessitate further rate hikes, flagging it as the inflation factor he is most focused on. The 10-year Treasury yield held near 4.6%, keeping borrowing costs elevated and reinforcing expectations that at least one more Fed hike remains on the table for later this year. Kevin Warsh is set to deliver his semi-annual congressional testimony on Tuesday, July 14, the first major event of next week's calendar.
- On Iran, the situation deteriorated sharply midweek before partially stabilizing Friday. Trump said Wednesday the ceasefire was "over" after another wave of Hormuz attacks, but by Thursday said Iran had called to make a deal with Qatar and Pakistan serving as mediators. A series of unclaimed airstrikes hit Iran overnight Friday after the US said it had concluded its own strikes. Brent crude settled at $76.41 a barrel, on pace for a 5% weekly gain — its strongest weekly performance since early May — while WTI hovered near $71, having dropped around 2% Thursday before a modest Friday rebound.
- WD-40 Company surged 15% Thursday night after posting Q3 results that beat both top and bottom line estimates and hiking its full-year guidance. Taiwan Semiconductor Manufacturing (TSM) released monthly sales data Friday, drawing attention as an early read on semiconductor demand trends heading into Q3 earnings season.
- South Korea's KOSPI jumped 2.5% to close at 7,475.94 on Friday, only a few sessions removed from Wednesday's dramatic 5% single-day drop that briefly pushed the index into bear territory from its record highs. SK Hynix's Korean shares added 4.2% in Seoul ahead of the US debut, while Samsung Electronics gained 2.16% and Kioxia rose 4.26%.
- Japan's Nikkei 225 rose 1.2% to close at 68,557.73, with SoftBank Group surging more than 10% as the US-Iran diplomacy news lifted sentiment and tech names broadly recovered. The Topix added 0.74%. Japan's Finance Minister Satsuki Katayama said Friday the government wants to explore ways to encourage pension funds, including the Government Pension Investment Fund, to increase their holdings of domestic financial assets — a comment that sent the yen sharply higher, last trading 0.4% stronger at 161.74 per dollar.
- Hong Kong's Hang Seng rose 1.0% to 24,266.72. China's Shanghai Composite fell 1.0% to 3,996.16, dragged by the technology and industrials sectors, a notable laggard in an otherwise broadly positive regional session. Australia's S&P/ASX 200 was flat, closing at 8,762.50 after futures had pointed to a modestly higher open.
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This daily briefing is curated from a wide range of reputable sources including news wires, research desks, and financial data providers. The insights presented here are a synthesis of key developments across global markets, intended to inform and spark thought.
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