TradingKey - On July 10, Eastern Time, in US premarket trading, the three major stock index futures were mixed. As of press time, Nasdaq 100 Index futures fell 0.34%, S&P 500 Index futures fell 0.05%, and Dow Jones Index futures rose 0.12%.
[Source: CME Group]
In commodities, as of press time, WTI crude oil futures hovered around $72.48 per barrel, while Brent crude oil futures were around $76.86 per barrel. Gold and silver prices edged lower, with spot gold ( XAUUSD) trading around $4,105 per ounce, and spot silver ( XAGUSD) hovering around $59.52 per ounce.
In crypto markets, as of press time, Bitcoin (BTC) hovered around $64,400, and Ethereum (ETH) was around $1,800. The US Dollar Index stood at 100.87.
Market Move
The memory chip sector was under pressure pre-market. As of press time, SanDisk ( SNDK) fell 2.2%, Western Digital ( WDC ), Micron Technology ( MU) fell over 1%, Seagate Technology ( STX) fell nearly 1%.
The semiconductor sector fell broadly. Broadcom ( AVGO ), Marvell Technology ( MRVL) fell about 1%, Intel ( INTC) fell 2.6%, Advanced Micro Devices ( AMD) fell 0.36%.
Mega-cap tech stocks saw mixed performance pre-market. Apple ( AAPL) fell 0.6%, Microsoft ( MSFT) rose 0.61%, Tesla ( TSLA) rose 0.11%, SpaceX ( SPCX) fell 0.98%, Meta ( META) rose 3.3%, Nvidia ( NVDA) fell 0.72%, Alphabet Class A ( GOOGL) fell 0.47%.
Market News
SK Hynix debuts on Nasdaq today, raising a record $26.5 billion. SK Hynix officially listed and began trading on Nasdaq on July 10, Eastern Time, under the ticker symbol SKHY. The ADRs were priced at $149 each, raising approximately $26.5 billion, which surpasses Alibaba's 2014 record of $25 billion to become the largest-ever US IPO by a foreign company.
SK Hynix launched in when-issued trading mode on its first day of listing. It launched in when-issued trading mode on its first day of listing under the temporary ticker SKHYV, and will transition to regular-way trading starting July 13, when the ticker will change to SKHY. The offering was oversubscribed by more than seven times, driven by extremely strong institutional demand.
Fed Official: AI-Driven Demand May Force Rate Hikes. New York Fed President John Williams stated that among the factors driving US inflation, he is most focused on AI-driven demand. If this demand persists, it could force the Federal Reserve to raise interest rates. The Fed's June meeting minutes had already listed AI investment as a primary source of inflation, alongside tariffs and the situation in the Middle East.
Delta Air Lines ( DAL) retreated after an early surge in pre-market trading: shares rose nearly 4% at one point on better-than-expected earnings, but later gave back all gains and turned lower. The previously released earnings report and full-year guidance both beat market expectations. Delta's second-quarter adjusted revenue was $17.67 billion, compared with market expectations of $17.53 billion; adjusted EPS was $1.56, beating expectations of $1.51; and its full-year adjusted EPS guidance was set at $6.50 to $7.50, compared to market estimates of just $5.95.
Key Events Preview
US Eastern Time | Event |
July 10 | SK Hynix Nasdaq Listing |
July 10 | Delta Air Lines Earnings Report |
July 10 | Dallas Fed President Logan Delivers Speech |
July 10 | IEA Releases Monthly Oil Market Report |
SK Hynix's debut on Nasdaq today is the central event for the market this week. An oversubscription of more than seven times confirms global capital's recognition of the AI memory narrative, but the overall pre-market weakness in the semiconductor sector shows that market concerns over the peak of the memory cycle and Trump's new tariff measures are still brewing.
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