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What is the story about?
US stock futures were little changed early Friday, July 10, after a strong session on Wall Street pushed the S&P 500 and Nasdaq Composite closer to weekly gains, while investors looked ahead to the much-anticipated Nasdaq debut of South Korean chipmaker SK Hynix and assessed a weaker global oil demand outlook.
Futures linked to the S&P 500 hovered around the flatline, while Nasdaq-100 futures slipped 0.3%. Dow Jones Industrial Average futures edged 100 points, or 0.2%, higher.
Despite the muted start, the major indexes remain on track for a mixed week. The Nasdaq Composite is poised to gain about 1.5% for the week, while the S&P 500 is set to advance around 0.8%. The Dow Jones Industrial Average, however, is down roughly 0.8% over the same period.
Investor focus is also on the US market debut of SK Hynix, which is set to begin trading on the Nasdaq later on Friday. Shares of the South Korean memory chipmaker rose 1.3% in Asian trade ahead of the listing.
SK Hynix has raised $26.5 billion through its US share offering, making it the largest-ever first-time listing by a foreign company on Wall Street. The initial public offering comprises 177.9 million American Depositary Shares (ADSs), each representing one-tenth of a common share. Demand for the offering was reported to be about seven times the number of shares available, according to Reuters.
The company's American depositary receipts were priced at $149 each, Bloomberg reported, citing a person familiar with the matter.
Optimism surrounding artificial intelligence-driven demand for memory chips has continued to support semiconductor stocks, helping lift major US equity benchmarks. The positive sentiment also spilled over into Asia-Pacific markets on Friday, with South Korean equities leading regional gains.
Meanwhile, the International Energy Agency (IEA) said global oil demand is expected to decline by 1 million barrels per day in 2026, marking the first annual contraction since the Covid-19 pandemic in 2020. The agency attributed the weaker outlook to disruptions caused by the Iran conflict, which affected production and exports across West Asia.
Futures linked to the S&P 500 hovered around the flatline, while Nasdaq-100 futures slipped 0.3%. Dow Jones Industrial Average futures edged 100 points, or 0.2%, higher.
Despite the muted start, the major indexes remain on track for a mixed week. The Nasdaq Composite is poised to gain about 1.5% for the week, while the S&P 500 is set to advance around 0.8%. The Dow Jones Industrial Average, however, is down roughly 0.8% over the same period.
Investor focus is also on the US market debut of SK Hynix, which is set to begin trading on the Nasdaq later on Friday. Shares of the South Korean memory chipmaker rose 1.3% in Asian trade ahead of the listing.
SK Hynix has raised $26.5 billion through its US share offering, making it the largest-ever first-time listing by a foreign company on Wall Street. The initial public offering comprises 177.9 million American Depositary Shares (ADSs), each representing one-tenth of a common share. Demand for the offering was reported to be about seven times the number of shares available, according to Reuters.
The company's American depositary receipts were priced at $149 each, Bloomberg reported, citing a person familiar with the matter.
Optimism surrounding artificial intelligence-driven demand for memory chips has continued to support semiconductor stocks, helping lift major US equity benchmarks. The positive sentiment also spilled over into Asia-Pacific markets on Friday, with South Korean equities leading regional gains.
Meanwhile, the International Energy Agency (IEA) said global oil demand is expected to decline by 1 million barrels per day in 2026, marking the first annual contraction since the Covid-19 pandemic in 2020. The agency attributed the weaker outlook to disruptions caused by the Iran conflict, which affected production and exports across West Asia.
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