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Update: US Equities Rise, Oil Prices Ease as Trump Confirms Iran Talks

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Update: US Equities Rise, Oil Prices Ease as Trump Confirms Iran Talks

(Updates with market moves at the end of the day and weekly index changes.)

US equities rose Friday, rebounding at the end of a mixed week on Wall Street, while oil prices slipped as President Donald Trump confirmed talks with Iran.

The S&P 500 rose 0.4% to 7,575.4. The Dow Jones Industrial Average and the Nasdaq Composite added 0.3% each to close at 52,637 and 26,281.6, respectively. Health care was the sole laggard among sectors, while materials led gainers.

The Nasdaq and the S&P 500 logged their second consecutive weekly gains, advancing 1.7% and 1.2%, respectively. The Dow edged down 0.5% from last week after a run of four weekly wins.

West Texas Intermediate crude oil was down 0.7% at $71.60 per barrel in Friday late-afternoon trade, while Brent ticked down 0.3% to $76.06.

US crude futures were on track for their first weekly advance following four consecutive weekly declines. Brent prices were headed for their second straight weekly rise.

Trump said Friday that the US agreed to continue negotiations with Iran, although he reiterated that their ceasefire is over.

Hostilities between the two countries resumed in recent days, weeks after they reached an interim agreement to end their war.

Qatari negotiators travelled to Iran, seeking to de-escalate the situation in a trip that was planned in coordination with the US, CNN reported Friday, citing a diplomat with knowledge of the visit.

"With oil prices softening following the mid-week spike, traders appear to view the latest tensions as a challenge to the ceasefire rather than a complete breakdown," Saxo Bank said in a report Friday. "Traffic through the Strait of Hormuz remains low, with no large commodity-laden vessels seen transiting."

The International Energy Agency on Friday projected a smaller decline in global oil demand in 2026 amid signs of a rebound in consumption as crude flows improve.

US Treasury yields were higher, with the two-year rate up 4.6 basis points at 4.21% and the 10-year rate rising 2.2 basis points to 4.56%.

In company news, SK Hynix (SKHY, SKHYV) American depositary shares surged 13% in their Nasdaq debut on Friday. The stock opened traded at $170 and rose to as high as $177. The South Korean memory semiconductor company priced its initial public offering of 177.9 million ADS at $149 apiece.

Meta Platforms (META) jumped 6%, the top gainer on the S&P 500. The Facebook parent is aiming to start the production of artificial intelligence chips from September, Reuters reported Thursday, citing an internal memo.

Moderna (MRNA) was the worst performer on the S&P 500, down nearly 11%.

Gold slipped 0.7% to $4,110.60 per troy ounce, while silver lost 1% to $60.17 per ounce.

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SK Hynix (KRX:000660) has set the price of its initial public offering on the Nasdaq at $149 per American depositary share, raising about $26.5 billion, according to a press release on Thursday.At that size, the South Korean semiconductor company now ranks as the largest US stock sale in history by a company based out of the US.SK Hynix sold 177.9 million ADRs, equal to 17.79 million common shares, or about 2.5% of its total issued and outstanding share capital. The Financial Times reported, citing two people familiar with the matter, that the offer was seven times oversubscribed, with more than 500 investment firms looking to buy shares.Situational Awareness, run by a former OpenAI researcher's hedge fund, UK investor Baillie Gifford and US tech-focused investment management firm Coatue, signaled that they could take up to $7 billion worth of the ADSs that SK Hynix plans to sell, the FT reported earlier this week.The ADRs will begin trading on Friday under the symbol SKHYV and are set to shift to regular trading under SKHY on Monday, July 13.Bank of America, Citigroup, Goldman Sachs and J.P. Morgan are the underwriters.The chipmaker's Nasdaq IPO eclipses Alibaba Group's (HKG:9988) $21.8 billion NYSE listing in 2014.SK Hynix, a key supplier of high-bandwidth memory used in AI processors, said it will use the proceeds from the Nasdaq IPO to fund new production lines at home and purchase extreme ultraviolet lithography (EUV) scanners, which it expects to cost roughly 11.9 trillion won.The listing follows a wave of capital commitments in South Korea. In June, SK Hynix and rival Samsung Electronics (KRX:005930) pledged to lead a 1,350 trillion won government-backed initiative to build new fabrication plants and AI data centers at home.In the first quarter of 2026, SK Hynix reported a fivefold year-over-year increase in net income to 40.35 trillion won, on revenue of 52.58 trillion won, which tripled from 17.64 trillion won a year earlier.The FT said analysts expect SK Hynix's US listing to boost its valuation and narrow its gap against global peers like Micron."There is still considerable upside potential," Kim Dong-won, head of research at KB Securities, was quoted by the FT as saying. "The chip rally isn't over yet."In June, SK Hynix topped Samsung to become South Korea's most valuable company. Recently, however, Samsung managed to reclaim its crown. By Thursday's close, SK Hynix held a market capitalization of 1,558 trillion won, falling behind Samsung's valuation of 1,776 trillion won.

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Update: US Equities Rise, Oil Prices Fall as Traders Look Past Middle East Tensions
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McDonald's US Sales Likely Hit New Low in Second Quarter, Deutsche Bank Says
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