Wall Street ended higher on Friday, July 10, as renewed interest in artificial-intelligence stocks and optimism before the US second-quarter earnings season helped the S&P 500 finish close to its record high.
Key Takeaways
- S&P 500 rose 0.42% to 7,575.39, ending just 0.45% below its June 2 record close
- SK Hynix ADRs opened at $170 and closed around $168, about 13% above their $149 offer price, raising $26.5 billion
- Nasdaq gained 0.29% to 26,281.61; Dow added 0.29% to 52,637.01
- Q2 earnings season starts next week; S&P 500 profit growth estimated at 24% YoY
- Meta jumped 6% to a post-April high; Moderna fell nearly 11% in its worst session in over a year
SK Hynix Debut Reignites AI Rally
South Korean memory-chip maker SK Hynix’s ADRs opened at $170 on their Nasdaq debut and closed roughly 13% above their $149 offer price, near $168, as the company raised approximately $26.5 billion in one of the largest cross-border listings on Wall Street this year.
The strong debut renewed optimism around AI-linked semiconductor demand, a theme that has swung between rallies and sharp corrections through 2026 on stretched valuation concerns. The PHLX Semiconductor Index added 0.06%, its third straight daily gain.
Trump’s Iran Remarks Keep Energy Markets On Edge
Gains got an added push after President Donald Trump said Iran had asked to continue talks and that Washington had agreed, while also declaring that the June ceasefire was “over.” Fresh attacks between the US and Iran through the week revived concerns that higher energy prices could feed into inflation, complicating the Federal Reserve’s rate path.
Earnings Season Becomes The Next Trigger
Major US banks report first, opening a quarter that analysts at LSEG I/B/E/S expect will show S&P 500 earnings growth of 24% YoY, led largely by technology companies. “This is a high-bar quarter with a narrow margin of error,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. Despite trading near record highs, the S&P 500’s valuation has eased to about 20 times expected earnings, down from 21 times in late May, aided by upgraded profit estimates.
| Index | Close | Daily Change | Weekly Change |
|---|---|---|---|
| S&P 500 | 7,575.39 | +0.42% | +1.2% |
| Nasdaq Composite | 26,281.61 | +0.29% | +1.7% |
| Dow Jones | 52,637.01 | +0.29% | -0.5% |
Source: Reuters, LSEG market data
Stocks In Focus
Eight of the 11 S&P 500 sectors advanced, led by information technology (+1.65%) and consumer discretionary (+1.46%). Advancing stocks outnumbered decliners roughly 2.1-to-1. Trading was relatively light at 14.5 billion shares, against a 20-session average of 22.4 billion.
| Stock | Move | Context |
|---|---|---|
| SK Hynix (ADR) | +13% | Nasdaq debut, closed ~$168 vs $149 offer |
| Meta Platforms | +6% | Highest level since April |
| Moderna | -11% | Worst single-day fall in over a year |
| Delta Air Lines | -1.8% | Fell despite stronger Q3 profit forecast |
Source: NYSE, Nasdaq trading data
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Bottom Line
Wall Street’s gains, powered by the SK Hynix listing and a resilient AI trade, gave the S&P 500 a 1.2% weekly advance even as it stays just under record territory. With bank earnings, June inflation data, and testimony from Fed Chair Kevin Warsh all due next week, volatility around the open could carry through to global cues, including Monday’s GIFT Nifty print for Indian markets.
Read More: World News Today – Global Market & Economy Updates
This article is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.
