NEW YORK, July 10, 2026, 16:08 EDT
NVDA NASDAQ:NVDA was behind about 0.31 percentage point of the S&P 500’s move on Friday, according to estimates, or around 70% of the total gain. Big tech, still led by the main AI play, drove the latest record run. The S&P 500 finished up 0.44% at 7,577.05. The Dow climbed 0.37% to end at 52,682.39. The Nasdaq closed 0.32% higher at 26,290.19. The Russell 2000 dropped 0.46% to 2,978.75.
The estimate relies on Nvidia’s 7.58% index weight as of Thursday’s close and its 4.03% rise Friday. It’s a static measure—this isn’t an official index number—but shows the split between the stronger headline benchmark and softer results among smaller stocks.
Large caps helped push the Invesco S&P 500 Equal Weight ETF NYSEARCA:RSP up 0.37% Friday. By late session, 346 of the index’s members traded higher while 157 lagged. Market breadth looked solid in big names but thinned out for smaller stocks.
Market concentration got tough to ignore this week. The S&P 500, where the largest firms lead, rose 1.25%. The equal-weight RSP dipped 0.28%. The Russell fell about 0.6% for a second week in a row. Nvidia jumped 8.28% since the July 2 close.
| Market gauge | Friday | Week | Investor read-through |
|---|---|---|---|
| S&P 500 | +0.44% | +1.25% | Big-cap names stayed out front |
| Equal-weight S&P proxy, RSP | +0.37% | -0.28% | Breadth on Friday faded out for the week |
| Russell 2000 | -0.46% | About -0.60% | Small caps posted another weekly fall |
| Nvidia | +4.03% | +8.28% | Heavy lift from a single leader |
Week starts from the July 2 close. Weekly moves for RSP and Nvidia based on their closes.
SK Hynix NASDAQ:SKHYV gave another look at AI demand. Its American depositary receipts jumped 13.5% to $169.12 before the close. The South Korean chip maker sold the ADRs at $149, raising roughly $26.5 billion. Orders for the offering were more than seven times the amount of shares available.
“SK Hynix leads on share and Nvidia proximity, Micron competes on power efficiency, U.S. positioning, and momentum from third place,” Daniel Newman, Futurum Group CEO, said. That comparison is key because HBM, or high-bandwidth memory, is used to feed data to AI chips, and SK Hynix is out in front in that space.
Nasdaq said it will switch the temporary SKHYV ticker to SKHY on Monday as regular-way trading starts. That’s when trades will settle through the market’s standard process. The listing offers U.S. investors more direct exposure to the AI-memory space. On Friday, U.S. competitor Micron Technology NASDAQ:MU dropped 1.29% to $978.84.
| AI-linked security | Friday move | Price or reference | Signal |
|---|---|---|---|
| SK Hynix ADR | +13.5% right before the close | $169.12, compares to $149 offer | U.S. trading brought a steep premium |
| Nvidia | +4.03% | $210.96 at the close | Index got a lift from the AI chip leader |
| Micron | -1.29% | $978.84 at the close | U.S. memory stock missed out on the first-day jump |
Focus turns to earnings now. Analysts see S&P 500 profits up 24% in the second quarter from last year, tech in front. The index is trading around 20 times expected earnings, or $20 in value for each forecast $1 profit. “This is a high-bar quarter with a narrow margin of error,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. Reuters
Delta Air Lines NYSE:DAL dropped 1.81% to $87.39 even after it beat its June-quarter outlook, guided to third-quarter adjusted earnings of $2 to $2.50 a share, and kept its full-year target at $6.50 to $7.50. CEO Ed Bastian said Delta was “executing from a position of strength.” TD Cowen’s Tom Fitzgerald called the stock pullback a “buying opportunity.” PR Newswire
The dynamic can shift for big AI stocks in a hurry. The 10-year Treasury yield added 0.028 percentage point to 4.567%. U.S. crude dropped 1.1% to $71.28 as of late Friday; BMO senior economist Carl Campus said oil had stayed “remarkably calm.” If U.S.-Iran clashes break out and push crude prices up, that could spark fresh inflation and rate worries, hit pricey growth stocks, and push smaller firms into more expensive debt. Reuters
Next week could show if earnings match up with valuations. Taiwan Semiconductor Manufacturing NYSE:TSM is set to report Thursday. On Tuesday, five of the six biggest U.S. banks post results, and data on consumer inflation, producer prices and retail sales are out. Bond yields may shift on the numbers. Fed Chair Kevin Warsh is also scheduled to testify Tuesday.
The breadth test is more straightforward. If equal-weight stocks and the Russell 2000 move higher alongside a steady S&P, Friday’s move could stick. If they don’t, the S&P is still a bet on a small group of giants, with Nvidia taking the biggest share.
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