New York, July 10, 2026, 12:05 (EDT)
U.S. stocks were up modestly around midday Friday, with a clear split showing by market cap. The S&P 500 was up 0.2%, the Dow rose 0.3%, but the Russell 2000 dropped over 0.7%. The Nasdaq Composite was little changed.
This matters because more S&P 500 stocks were rising. Early numbers had 346 advancers and 157 losers on the day, and the equal-weight S&P 500 ETF NYSEARCA:RSP, which treats each name the same, was last up about 0.3%. The move shows strength from more of the big established stocks, but not the kind of rotation into smaller, rate-driven names.
| Benchmark | Late-morning level | Day move | Gap versus S&P 500 |
|---|---|---|---|
| Dow Jones Industrial Average | 52,622.42 | up 0.26% | 0.06 point above S&P 500 |
| S&P 500 | 7,558.76 | up 0.20% | — |
| Nasdaq Composite | 26,228.46 | added 0.08% | 0.12 point below S&P 500 |
| Russell 2000 | 2,971.13 | fell 0.72% | 0.92 point under S&P 500 |
(See full NDX data at MarketWatch)
SK hynix NASDAQ:SKHYV also tested risk appetite. Its American depositary receipts started trading at $170, up 14.1% from the $149 offer in a $26.5 billion offering. “The most crowded trade in the world right now,” Great Hill Capital’s Thomas Hayes said of global semis. AJ Bell markets head Dan Coatsworth said memory-chip demand showed the rally “might have just taken a breath rather than peaked.” Reuters
| AI-linked security | Price or reference | Move |
|---|---|---|
| SK hynix NASDAQ:SKHYV | $170.00 at open | up 14.1% from IPO price |
| Meta Platforms NASDAQ:META | $671.25 | rose 6.3% |
| Nvidia NASDAQ:NVDA | $208.64 | gained 2.9% |
| Micron Technology NASDAQ:MU | $961.94 | fell 3.0% |
The Wall Street Journal is tracking moves in the market today.
The moves Friday showed buyers weren’t snapping up every AI stock. Meta gained after word it will make its own AI chips in September. Nvidia was up too. But Micron fell back after surging 4.5% Thursday. “This is still very much an AI bull market,” said Ross Mayfield, investment strategy analyst at Baird. He cautioned that to see more names join, oil and rates would need to stay under control. Reuters
Investors poured $49.23 billion into global equity funds in the week ended July 8, with $24.97 billion going to U.S. stock funds and $11.49 billion headed to tech funds. But money-market funds saw even bigger flows, taking in $83.76 billion, and bond funds pulled in $31.34 billion—their largest weekly haul in at least five years. It’s more of a barbell approach, with money moving into growth but plenty held back in cash.
Earnings are the next test. S&P 500 profits for the second quarter are forecast to jump 23.4% from last year, up from the 15.2% gain analysts saw at the start of 2026. “That certainly raises the bar,” said Chris Fasciano, chief market strategist at Commonwealth Financial Network. Companies may have to beat expectations, defend their AI spending and deliver strong outlooks. Reuters
Rates are a factor in why gains didn’t spread to small caps. The Federal Reserve’s latest report said its preferred inflation gauge is steady at about 4%, or double the Fed’s target, and the 10-year Treasury yield hovered near 4.55%. BMO NYSE:BMO senior economist Carl Campus said oil had been “remarkably calm” even with new U.S.-Iran attacks. But crude’s role in inflation is still a worry. Reuters
But there’s a risk if oil jumps again. That could drive up both inflation expectations and Treasury yields, which would hit smaller names and pricey growth stocks first. Traders are betting on at least one 25-basis-point Fed hike before the end of the year. June CPI numbers and Fed Chair Kevin Warsh’s testimony in Congress next week might disrupt those bets. SK hynix ending weak would also shake the confidence bulls saw in AI demand on Friday.
S&P 500 is up 0.81% for the week, Nasdaq rose 1.45%. The Dow is off 0.78% and set to break a four-week win streak heading into Friday. Midday trading was spread out enough to take off some pressure, but not enough to show a clear move into the more cyclical stocks.
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