US stock indices ended Friday mixed as renewed volatility in heavyweight chipmakers ran up against a pullback in Treasury yields, which supported traditional economic sectors. The S&P 500 edged higher, while the Nasdaq 100 slipped 0.5%.
SK Hynix ADRs raised more than $26 billion for the memory-chip producer and jumped 20% in their debut, marking the largest initial share sale by a foreign company. Earlier reports of strong demand had already buoyed memory names, a move reinforced when Micron lifted its investment guidance.
The speculative segment of the market remained choppy in the US, with Micron and Marvell each dropping more than 3%. By contrast, the Dow advanced, benefiting from its relatively limited direct exposure to chipmakers. Financials and other traditional economic sectors gained some relief as oil prices paused their rebound, easing worries about another potential Federal Reserve rate hike. Delta Air Lines also added 2% after reporting solid earnings and announcing a dividend increase.
