S&P 500 Rises as Wall Street Heads for a Winning Week
U.S. stocks moved higher on Friday, supported by gains in several large-cap technology names. The advance put the S&P 500 on track to end the week in positive territory, although performance across the semiconductor sector remained mixed.
The S&P 500 rose around 0.2%, while the tech-heavy Nasdaq Composite also gained 0.2%. The Dow Jones Industrial Average added about 79 points, or 0.2%. On a weekly basis, the S&P 500 was heading for a gain of roughly 1%, while the Nasdaq was poised to rise by more than 1%. The Dow, however, remained down by less than 1% for the week.
Wall Street’s gains came as investors rotated within the technology sector following the U.S. market debut of South Korean chipmaker SK Hynix. The company’s shares opened at US$170 on the Nasdaq and later traded around 17% higher, well above the offering price of US$149 per share.
SK Hynix’s listing raised concerns that the new offering could compete for investor funds with U.S.-listed memory chip companies, particularly Micron Technology. Micron fell more than 1%, while Marvell Technology and Intel dropped over 2%. Lam Research also slipped slightly.
In contrast, Nvidia outperformed the broader chip sector, climbing more than 3%. Strong expectations for continued demand in artificial intelligence infrastructure kept investors interested in the stock, even as several other semiconductor names came under pressure.
Source : Newsmaker.id
