New York, July 10, 2026, 09:05 EDT
Dow futures rose 0.24% ahead of Friday’s open, but Nasdaq-100 futures dropped 0.35% for a 0.59-point difference as traders watched for SK hynix’s KRX:000660 $26.5 billion U.S. debut. S&P 500 futures traded flat.
The bigger question is whether direct U.S. trading will close SK Hynix’s valuation gap with Micron Technology NASDAQ:MU. SK Hynix is at 5.5 times expected 12-month earnings, while Micron trades at 6.66 times. That puts Micron at about a 21% premium. The forward price-to-earnings ratio tracks a share price against profit forecasts for the next year. Daniel Newman, CEO at Futurum Group, said SK Hynix “leads on share,” but Micron’s edge comes from power efficiency and its U.S. base. Reuters
At 8:52 a.m. ET, the broader market was holding steady, with no clear sign of a bigger pullback:
| Contract or asset | Level | Change from prior settlement |
|---|---|---|
| E-mini Dow | 52,889 | added 128, +0.24% |
| E-mini S&P 500 | 7,590.00 | up 1.25, +0.02% |
| E-mini Nasdaq-100 | 29,832.25 | fell 104.75, -0.35% |
| WTI crude | $72.12 a barrel | +0.06% |
| Brent crude | $76.53 a barrel | +0.30% |
Small gains in oil and a flat S&P contract suggest investors aren’t running from risk across the board. The main selling is in tech, after the PHLX semiconductor index jumped 3.1% on Thursday and the Nasdaq Composite added 1.3%. As of Thursday, the Nasdaq was up 1.45% for the week, while the Dow was down 0.78%. That’s a 2.23-point gap, with Friday’s futures chipping away at the difference.
SK Hynix priced its American depositary shares at $149. The offering pulled in strong demand, with more than 500 investment firms in and orders topping seven times the amount offered. Nasdaq said the shares will trade Friday on a “when-issued” basis as NASDAQ:SKHYV. They’ll switch to the regular NASDAQ:SKHY ticker on Monday. When-issued trading lets the market set a price before official settlement. Friday’s trades should settle Tuesday. Financial Times
The gap is small, but this gives a clear benchmark for the debut:
| Measure | SK hynix | Micron Technology |
|---|---|---|
| Forward P/E | 5.5 times | 6.66 times |
| Relative earnings multiple | Base | Roughly 21% higher |
| U.S. trading vehicle | Depositary shares | Common stock |
| Friday setup | $149 offer; SKHYV when-issued | NASDAQ:MU, already listed |
| New equity supplied | Roughly $26.5 billion | No new shares linked to Friday |
Micron dropped 2.7% before the bell. The slide lines up with how some investors cut memory-chip exposure with a new security trading, but public data doesn’t prove those dollars shifted from Micron to SK Hynix.
Risk appetite stayed focused in spots. Circle Internet Group NYSE:CRCL jumped about 15% to $72.34 after it got the green light to set up a national trust bank. Circle is the company behind USDC, a stablecoin that stays pegged to the dollar. Chip stocks moved the other way, showing investors rotated within growth names instead of fleeing to safety.
Delta Air Lines NYSE:DAL slipped after posting adjusted earnings of $1.56 per share and record adjusted revenue of $17.7 billion. Adjusted fuel costs shot up 77% to $4.41 billion, with earnings down 26% from the same period last year. CEO Ed Bastian said Delta had “the highest quarterly fuel expense in our history.” The airline still sees third-quarter earnings in the $2 to $2.50 range and maintained its full-year outlook of $6.50 to $7.50. Delta Air Lines
But markets could go either way here. Traders are pricing in at least one 25-basis-point rate hike by year-end — with 25 basis points equal to 0.25 percentage point — while conflict in the Middle East keeps alive the risk of an oil shock. New York Fed President John Williams said he doesn’t expect a permanent rise in energy prices, but more turmoil could hurt transport margins and push up bond yields, which would be tough for tech valuations. If SK Hynix trades weak on its first day, that would add risk too: a sign AI demand stays high, but not at any cost.
Investors face a packed schedule next week. June consumer-price numbers are out Tuesday, along with Fed Chair Kevin Warsh’s testimony and big bank earnings. Producer prices come Wednesday. Taiwan Semiconductor Manufacturing NYSE:TSM is set to report Thursday. These events may show if Friday’s split was just market reaction to a large share sale or the first sign of a bigger move out of this year’s top trade.
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