US close: Stocks erase earlier losses as SK Hynix debut lifts sentiment

(Sharecast News) - After a rocky start, US stocks pushed into positive territory by the closing bell on Friday, helped by renewed optimism in the AI and semiconductor sectors on the back of a strong market debut from South Korean memory chip maker SK Hynix. The Dow and Nasdaq both finished 0.3% higher while the S&P 500 gained 0.4%. All three indices had briefly dropped into the red shortly after the opening bell.

SK Hynix finished 13% higher after raising $26.5bn in the largest initial public offering by a foreign company in US history. The company finished the session with a market cap of $1.2trn.

Nvidia, which just last month signed a multi-year AI memory partnership with SK Hynix, finished over 4% higher.

"SK Hynix's US listing has arguably come a few months too late as shares in memory chip suppliers have pulled back after a purple patch earlier in the year," said Dan Coatsworth, head of markets at AJ Bell.

"However, demand for the US share sale has been stronger than some people might have expected. That implies the memory chip rally might have just taken a breath rather than peaked."

Stocks continued to buoyed by cooling oil prices on Friday, helped by claims from Donald Trump that Iran had "called to make a deal".

Officials from Qatar and Pakistan also told MS Now that they were working to bring Washington and Tehran back to the negotiating table after the ceasefire came to an abrupt end earlier this week on the back of renewed attacks by the US and Iran. A White House official said the US and Iran would continue technical talks despite fresh conflict.

Brent fell 0.4% to $76.01 a barrel, though was still 5.4% up over the week, while WTI fell 0.9% to $71.41, cutting its weekly gain to 4%.

Elsewhere in the corporate space, Delta Air Lines posted higher second‑quarter revenue and adjusted earnings on Friday, but shares ticked lower in pre‑market action as investors focused on rising costs and margin pressure rather than the headline beat.

Delta reported adjusted earnings of $1.56 per share, ahead of the $1.48 expected, while adjusted revenues rose to $17.67bn, slightly above forecasts. Net income, on the other hand, fell 25% year‑on‑year to $1.6bn, though operating revenue climbed 19% to $19.76bn. Delta's Trainer refinery also delivered an 83% jump in revenues to $2.09bn.

Meta Platforms finished firmly higher on speculation that Facebook will put an AI chip into production in September. Investors were shrugging off the news that Meta was on Friday threatened with a European Commission fine if it does not change Facebook's and Instagram's "addictive" design.

In its preliminary findings, the EC said Meta had to get rid of features such as infinite scroll, autoplaying videos and personalised recommendations, which could encourage "compulsive use", especially among children and teenagers. Failure to comply could result in a fine of 6% of Meta's global annual turnover under the Digital Services Act.

Dow Jones - Risers

Cisco Systems Inc. (CSCO) $121.31 4.94% Nike Inc. (NKE) $44.37 3.72% Microsoft Corp. (MSFT) $385.10 2.78% Dow Chemical Co. (DOW) $29.03 1.86% Apple Inc. (AAPL) $315.32 1.71% Caterpillar Inc. (CAT) $952.41 1.49% 3M Co. (MMM) $157.52 1.40% Chevron Corp. (CVX) $176.40 1.35% Home Depot Inc. (HD) $343.30 1.35% American Express Co. (AXP) $350.58 1.11%

Dow Jones - Fallers

Intel Corp. (INTC) $109.84 -4.15% International Business Machines Corporation (CDI) (IBM) $287.56 -2.62% Unitedhealth Group Inc. (UNH) $424.62 -1.64% Merck & Co. Inc. (MRK) $123.54 -1.22% Amgen Inc. (AMGN) $363.39 -1.21% Johnson & Johnson (JNJ) $256.98 -0.82% McDonald's Corp. (MCD) $274.60 -0.68% Walt Disney Co. (DIS) $95.62 -0.57% Boeing Co. (BA) $222.28 -0.37% Verizon Communications Inc. (VZ) $42.12 -0.28%

S&P 500 - Risers

Meta Platforms Inc. (META) $669.21 15.01% Whirlpool Corp. (WHR) $40.72 7.55% TripAdvisor Inc. (TRIP) $13.98 6.96% Expedia Group Inc. (EXPE) $270.83 6.03% DENTSPLY Sirona Inc. (XRAY) $12.26 5.78% Advance Auto Parts (AAP) $57.95 5.36% Nasdaq Inc (NDAQ) $88.08 5.19% Coty Inc. Class A (COTY) $2.24 5.16% Sba Communications Corp. (SBAC) $190.03 5.11% Cisco Systems Inc. (CSCO) $121.31 4.94%

S&P 500 - Fallers

Coterra Energy Inc. (CTRA) $32.56 -8.62% Gilead Sciences Inc. (GILD) $129.83 -4.33% Intel Corp. (INTC) $109.84 -4.15% Lam Research Corp. (LRCX) $350.33 -3.88% KLA-Tencor Corp. (KLAC) $231.52 -3.31% Take-Two Interactive Software Inc. (TTWO) $243.20 -3.22% Micron Technology Inc. (MU) $979.30 -3.17% Apache Corp. (APA) $33.44 -2.96% Applied Materials Inc. (AMAT) $602.50 -2.93% Accenture Plc (ACN) $135.23 -2.75%

Nasdaq 100 - Risers

Meta Platforms Inc. (META) $669.21 15.01% Vodafone Group Plc ADS (VOD) $14.72 12.71% Expedia Group Inc. (EXPE) $270.83 6.03% DENTSPLY Sirona Inc. (XRAY) $12.26 5.78% T-Mobile Us, Inc. (TMUS) $187.61 5.62% Workday, Inc. (WDAY) $138.95 5.48% Cisco Systems Inc. (CSCO) $121.31 4.94% Paypal Holdings Inc (PYPL) $46.32 4.87% Mercadolibre Inc. (MELI) $1,852.22 4.57% Autodesk Inc. (ADSK) $208.45 4.40%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49% NetEase Inc. Ads (NTES) $128.03 -5.10% Gilead Sciences Inc. (GILD) $129.83 -4.33% Intel Corp. (INTC) $109.84 -4.15% Lam Research Corp. (LRCX) $350.33 -3.88% KLA-Tencor Corp. (KLAC) $231.52 -3.31% Take-Two Interactive Software Inc. (TTWO) $243.20 -3.22% Micron Technology Inc. (MU) $979.30 -3.17% Applied Materials Inc. (AMAT) $602.50 -2.93% Vertex Pharmaceuticals Inc. (VRTX) $485.39 -2.73%