US stock futures were mixed on Friday as investors paused after a chip-led rally and turned their attention to SK Hynix’s Nasdaq debut.
Dow futures edged higher, but S&P 500 and Nasdaq 100 futures slipped as memory-chip stocks pulled back in premarket trading.
The listing of South Korea’s SK Hynix is a major test of Wall Street’s appetite for AI infrastructure exposure after months of sharp gains and volatility in semiconductor shares.
Middle East tensions also kept investors cautious, with oil and inflation risks still feeding into the Federal Reserve rate debate.
5 things to know before Wall Street opens
1. Futures pause after a strong rally
Dow futures rose 109 points, or 0.21%, while S&P 500 futures were little changed. Nasdaq 100 futures lagged, slipping 0.38%.
The move followed a stronger Thursday session, when the main US indexes gained on renewed demand for chip and AI-linked stocks.
The S&P 500 and Nasdaq remain on track for weekly gains, but Friday’s early tone suggests traders are taking some profit before the next major catalyst.
2. SK Hynix debut tests AI appetite
SK Hynix priced its American depositary receipts at $149 each, raising about $26.5 billion.
The offering is expected to be the world’s second-largest share sale, behind SpaceX’s record listing last month.
AJ Bell analysts see the debut as slightly late in the cycle because memory shares have already pulled back from earlier highs.
Even so, strong demand for the deal suggests investors may view the recent memory-chip weakness as a pause rather than the end of the rally.
3. Memory stocks cool before the open
Semiconductor shares eased in premarket trading, led by memory names. Micron Technology fell 3.2% after a 4.5% gain in the previous session.
Western Digital dropped 2.8%, while Seagate Technology lost 2.7%.
The pullback reflects the market’s broader struggle with AI valuations.
Investors still believe data-centre spending will support chip demand, but they are becoming less willing to chase the sector without fresh earnings confirmation.
4. Middle East risk keeps inflation in focus
Geopolitical risk remains a drag after Iranian forces attacked US military infrastructure in Gulf states, following US strikes on Iran’s southern coastal and eastern provinces.
New York Fed President John Williams said he does not expect Middle East hostilities to cause a lasting rise in energy prices this year, but he avoided saying how he would vote at the July policy meeting.
Markets are still pricing at least one 25-basis-point rate increase by the end of 2026.
5. Earnings season starts to matter
Delta Air Lines reports before the bell, offering an early read on consumer demand and travel pricing. The broader earnings season gathers pace next week.
Analysts expect S&P 500 profits to rise more than 24% from a year earlier, with technology companies driving much of the growth.
That leaves the market with a high bar: AI needs to keep delivering, not just promising.
