SK Hynix Rises 13% in Nasdaq Debut as US Stocks End Slightly Higher

All three major US stock indexes closed higher

Philadelphia Semiconductor Index rose for a third straight session

Gains came despite Trump’s declaration that talks with Iran were over

Hopes for back-channel US-Iran dialogue persisted

US stocks closed higher on July 10 despite rising military tensions between the US and Iran.

The Dow Jones Industrial Average rose 0.29% to 52,637.01. The S&P 500 gained 0.42% to 7,575.39, while the Nasdaq Composite advanced 0.29% to 26,281.61. The Philadelphia Semiconductor Index added 0.06%, extending its gain to a third straight session.

Geopolitical tensions rose after President Donald Trump declared that negotiations with Iran were over. Even so, stocks advanced on hopes that back-channel talks could still take place.

Trump wrote on Truth Social that Iran had asked the US to continue talks and that Washington had agreed. He added that the US had firmly told Iran the ceasefire was over. The post appeared to reaffirm remarks he made during the NATO summit in Ankara, Turkey, on July 7 and July 8.

Mohammad Bagher Ghalibaf, speaker of Iran’s parliament, pushed back, saying that while ending the war was clearly the top priority, the conflict would never end with Iran’s surrender.

Still, the possibility of dialogue remains. Axios reported that the US and Iran are expected to hold additional negotiations in Switzerland next week.

SK Hynix, which debuted on Nasdaq through an American depositary receipt listing, also helped lift the market.

The stock opened at $170 and finished at $168.49, up 13.08% from its offering price of $149.

It climbed as high as $177 during the session. At the current won-dollar exchange rate, that closing price is equivalent to about 2.528 million won, roughly 16% above the 2.18 million won close for SK Hynix common shares in Seoul a day earlier.

Nvidia, a key partner of SK Hynix, rose more than 4% on expectations that demand for AI semiconductors will continue. Micron, which competes with SK Hynix in the high-bandwidth memory market, fell 1.24%.

Meta also surged. The gain appeared to reflect expectations for cost savings from developing its own custom semiconductors, along with positive reviews of its new AI model.

Oil prices edged lower. Brent crude for September delivery settled at $76.01 a barrel on ICE Futures Europe in London, down 0.38% from the previous session. West Texas Intermediate crude for August delivery fell 0.93% to $71.41 a barrel on the New York Mercantile Exchange.

Kim Hee-seon, Hankyung.com reporter gimme_sun@hankyung.com