U.S. stock indices ended Friday mixed, as heightened volatility in major chipmakers clashed with a pullback in Treasury yields that supported traditional economic sectors. The S&P 500 and the Dow edged higher, while the Nasdaq 100 slipped 0.5%.
SK Hynix ADRs were set to begin trading on domestic exchanges in what is poised to be the largest initial share sale by a foreign company. Reports that the deal was seven times oversubscribed buoyed AI infrastructure names, with memory-chip producers in particular benefitting after Micron raised its investment guidance.
However, speculative chip stocks gave back part of Thursday’s gains, with Micron and SanDisk each falling more than 2%. The Dow, which has limited direct exposure to chipmakers, managed to inch higher. Financials and other traditional sectors found some relief as oil prices paused their recent rebound and worries over an additional Federal Reserve rate hike eased. Delta Air Lines also advanced 2% after posting strong earnings and announcing a dividend increase.
