Finance

South Korean memory chip giant SK Hynix successfully launched the largest-ever U.S. initial public offering by a foreign company, raising $26.5 billion. Shares of the Nvidia supplier surged nearly 13% on their first day of trading on the Nasdaq, signaling robust investor appetite for artificial intelligence infrastructure. This blockbuster listing served as a major catalyst for the broader technology sector throughout the Friday session.

U.S. gasoline prices rose to an average of $3.88 per gallon this week, marking the sharpest weekly increase since mid-May following renewed hostilities between the U.S. and Iran. While oil prices settled slightly lower on Friday at approximately $71.50 per barrel, the persistent volatility in the Strait of Hormuz continues to pressure fuel supplies. Federal Reserve officials noted that these energy shocks are contributing to "stepped-up" inflation, complicating the outlook for future interest rate cuts.

The yield on the benchmark 10-year Treasury note finished the week at 4.56%, as the bond market reacted to a cautious growth outlook and a shift in Federal Reserve leadership under new Chairman Kevin Warsh. Investors are closely monitoring the yield curve, which remains upward-sloping with the 30-year bond reaching its highest levels in nearly two decades. The central bank's next moves are expected to be influenced by upcoming inflation data and Warsh's first congressional testimony scheduled for next week.