Finance

The technology sector received a significant boost from the record-breaking U.S. market debut of South Korean memory chipmaker SK Hynix, whose shares surged 13% on their first day of trading. This high-profile listing, combined with a 6% jump in Meta Platforms following reports of in-house AI chip production, helped the Nasdaq lead broader market gains. While some domestic chipmakers like Micron saw slight declines, the overall semiconductor trade showed renewed strength as artificial intelligence infrastructure remains a primary driver of earnings growth.

Global crude benchmarks eased toward the end of the week as investors monitored the fragile ceasefire between the U.S. and Iran. Brent crude settled near $76 a barrel while West Texas Intermediate fell slightly to approximately $71, providing some relief from earlier inflationary concerns triggered by renewed Middle East hostilities. Despite the recent price decline, volatility remains high as markets weigh seasonal demand increases against potential disruptions in the Strait of Hormuz.

Recent June payroll data revealed a modest increase of only 57,000 jobs, significantly lower than earlier analyst projections and the average monthly gains seen over the past year. While the unemployment rate ticked down slightly to 4.2%, the concentration of new jobs in lower-wage sectors such as healthcare and social services has raised concerns regarding wage growth keeping pace with inflation. This cooling labor market has led some analysts to adjust their expectations for future Federal Reserve interest rate hikes.