Major US stock indexes swung between gains and losses on Friday as South Korean memory chip maker SK Hynix soared in its first day of US trading. The Dow Jones Industrial Average and the S&P 500 each held slim gains while chip and memory stocks steadied after a rally.
The S&P 500 drifted between gains and losses on Friday, with the benchmark index and the blue-chip Dow Jones Industrial Average each up 0.2% in recent trading. The tech-heavy Nasdaq Composite inched 0.1% higher. Both the S&P 500 and the Nasdaq were on track for weekly gains after a boost from memory and chip stocks the day before.
SK Hynix jumps in US debut
The swing came as South Korean memory chip giant SK Hynix soared in its first day of trading on US exchanges. The Micron competitor's American shares began trading around $172, about 15% above their $149 offering price. Its South Korean shares closed marginally lower on Friday.
US memory names were mixed after the prior session's rally. Shares of Micron and Western Digital were each down about 1%, while Sandisk rebounded from losses to trade 0.5% higher.
Mega-caps split, oil slips
Tech mega-caps moved in different directions early in the session. Meta stock rose more than 6% after reports it plans to start producing its own AI chips later this year, while Nvidia climbed 3% and Tesla edged marginally higher. The rest of the Magnificent Seven fell.
Oil prices slipped even though the US carried out another round of airstrikes in Iran on Thursday night. West Texas Intermediate futures fell about 1.5% to $71 a barrel, while Brent crude traded at $75.50.
Yields steady, Bitcoin firms
Treasury yields held steady after surging earlier in the week to their highest level in a month. The 10-year Treasury yield was recently 4.55%, down from 4.56% the day before. Bitcoin was recently trading at $64,000 after rising above $64,500 earlier in the session, its highest price in a week.
Source: Investopedia
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