[BRIEFING.COM] The major averages finished near their best levels of the session following a relatively quiet day of trading, with easing oil prices helping the market look past geopolitical volatility and support equities after a volatile week marked by sharp swings in semiconductor stocks and crude oil. The S&P 500 (+0.4%), Nasdaq Composite (+0.3%), and DJIA (+0.3%) all closed higher. The S&P 500 and Nasdaq Composite also finished firmly higher for the week, while the DJIA ended modestly lower.

Markets briefly turned lower during the morning after President Trump said the U.S. would continue talks with Iran while declaring the ceasefire over. Sentiment steadied after Axios reported that the U.S. and Iran are expected to hold another round of talks in Switzerland next week, while Bloomberg reported that oil tankers continue to transit the Strait of Hormuz despite ongoing tensions. WTI crude oil futures settled down $0.69 (-1.0%) at $71.41 per barrel.

The retreat in oil prices supported broad participation across the market, with 10 S&P 500 sectors finishing higher. The materials sector (+1.1%) led the advance as container and packaging companies benefited from easing energy costs, while the decline in crude also helped keep broader market volatility subdued.

The communication services sector (+0.9%) was another standout thanks to Meta Platforms (META 669.21, +37.73, +5.97%), which finished as the best-performing S&P 500 component. Investors continued to warm to the company's AI strategy following a series of product and infrastructure announcements, including reports that it may monetize surplus computing capacity and expand its AI infrastructure, reinforcing confidence that its elevated AI spending can evolve from a margin headwind into a meaningful long-term growth opportunity.

The information technology sector (+0.6%) also strengthened into the close despite relatively muted action across semiconductor stocks, with the PHLX Semiconductor Index finishing little changed (+0.1%). NVIDIA (NVDA 210.96, +8.18, +4.03%) nevertheless was a standout%, extending a strong weekly advance.

While not a component of the S&P 500, SK hynix Inc.'s (SKHYV 168.31, +19.31, +12.96%) Nasdaq ADS enjoyed a strong U.S. debut, reinforcing investor appetite for one of the AI industry's leading high-bandwidth memory suppliers.

The health care sector (-0.8%) was the lone sector to finish lower, weighed down by continued weakness in Moderna (MRNA 68.27, -8.29, -10.83%), which ended as the worst-performing S&P 500 component.

On the earnings front, Delta Air Lines (DAL 87.39, -1.61, -1.81%) also declined despite delivering better-than-feared quarterly results and reaffirming its full-year outlook, suggesting investors remain cautious about the pace of the airline industry's earnings recovery even as the company pointed to improving demand.

Although today's session lacked the sharp rotations seen earlier in the week, it capped a constructive stretch for equities as investors largely looked past the latest geopolitical developments. Attention now shifts to next week's start of second-quarter earnings season, with the major banks set to report first, along with another round of inflation data that could help shape expectations for monetary policy. With the market continuing to trade near record highs, corporate guidance is likely to be just as important as the quarterly results themselves.

There was no economic data of note. 

U.S. Treasuries finished a bumpy week on a lower note with yields on 5-year note and shorter tenors settling just below this year's highs. The 2-year note yield settled up five basis points to 4.21% (+7 basis points this week), and the 10-year note yield settled up three basis points to 4.57% (+8 basis points this week).

• Russell 2000: +20.0% YTD
• S&P Mid Cap 400: +14.4% YTD
• Nasdaq Composite: +13.1% YTD
• S&P 500: +10.7% YTD
• DJIA: +9.5% YTD

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.3%), and DJIA (+0.4%) are near their best levels of the session with just half an hour left in today's action.

Participation remains solid, with only the health care sector (-0.8%) poised to finish with a loss.

Meanwhile, the top-weighted information technology sector (+0.6%) is near its best levels of the session. The broader semiconductor complex is mixed today, though NVIDIA (NVDA 209.88, +7.10, +3.50%) continues to be a standout this week.

[BRIEFING.COM] The major averages remain modestly higher as the market enters the final hour of the session.

Investors continue to monitor developments on the geopolitical front, with CNN reporting that new satellite imagery shows Iran is attempting to rebuild its nuclear facilities, which could be a violation of the MoU.

However, oil prices have remained relatively stable, with crude oil futures settling today's session $0.69 lower (-1.0%) at $71.41 per barrel.

[BRIEFING.COM] The S&P 500 (+0.36%) is in first place on Friday afternoon, up about 27 points.

Briefly, S&P 500 constituents Clorox (CLX 97.49, +4.42, +4.75%), Mosaic (MOS 21.61, +0.86, +4.14%), and Brown-Forman (BF.B 26.18, +0.96, +3.81%) dot the top of the standings. CLX rises as shares hold above the 50-day moving average, supported by improving momentum and a strengthening technical setup.

Meanwhile, CrowdStrike (CRWD 187.57, -10.83, -5.46%) is near the bottom of the average, giving back a decent portion of its recent gains.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.26%) hosts the shallowest advance on Friday afternoon, up about 69 points.

Gold futures settled $27.10 lower (-0.7%) at $4,133.70/oz, down about -0.3% on the wee, as investors took profits following Thursday's rally, while easing geopolitical tensions and higher Treasury yields reduced demand for safe-haven assets. Expectations that the Federal Reserve will keep interest rates elevated, along with a firmer U.S. dollar, also pressured bullion this week.

Meanwhile, the U.S. Dollar Index is less than -0.1% lower at $100.92.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.28%) is in second place on Friday afternoon, up about 147 points.

A look inside the DJIA shows that Nike (NKE 44.49, +1.71, +4.00%), NVIDIA (NVDA 210.24, +7.46, +3.68%), and Caterpillar (CAT 956.69, +18.30, +1.95%) are some of today's top gain getters.

Meanwhile, IBM (IBM 289.72, -5.58, -1.89%) is underperforming.

The DJIA is now poised to end the week -0.50% lower.

Also, at the top of the hour, Baker Hughes (BKR 57.75, +0.55, +0.96%) announced a weekly U.S. rotary rig count of 581, +1 w/w and +44 yr/yr.

[BRIEFING.COM] After several sessions marked by sharp swings in semiconductor stocks and oil prices, the major averages are treading lightly today as investors await next week's start of earnings season and another round of inflation data. The S&P 500 (+0.3%), Nasdaq Composite (+0.2%), and DJIA (+0.2%) trade modestly higher just after midday on lighter-than-average volume.

The major averages briefly turned lower following geopolitical headlines after President Trump said the U.S. would continue talks with Iran while declaring the ceasefire over. Stocks and crude oil have since stabilized after Axios reported that the U.S. and Iran are expected to hold another round of talks in Switzerland next week. WTI crude oil is currently down $0.91 (-1.3%) to $71.17 per barrel, remaining near its session lows.

Performance is relatively broad despite the muted gains, with eight S&P 500 sectors trading higher. The materials sector (+1.3%) leads the advance as container and packaging companies benefit from the retreat in oil prices.

The communication services sector (+0.6%) is another relative standout, driven by a sharp gain in Meta Platforms (META 668.20, +36.72, +5.81%). The company is outperforming as investors grow more confident that its aggressive AI infrastructure investments can evolve from a margin headwind into a meaningful long-term growth opportunity, supported by a series of AI-related product and infrastructure announcements.

The information technology sector (+0.5%) holds a modest gain, largely reflecting the muted performance of semiconductor stocks after several sessions of outsized gains. The PHLX Semiconductor Index is flat for the day.

While not a component of the S&P 500, SK hynix Inc.'s (SKHYV 173.68, +24.68, +16.56%) Nasdaq ADS debuted strongly, reinforcing investor appetite for one of the AI industry's leading high-bandwidth memory suppliers.

Elsewhere, the energy sector (-0.4%) is under modest pressure as oil prices retreat, while the real estate sector (-0.2%) also trades lower. The health care sector (-1.0%) is the weakest sector, weighed down in part by continued weakness in Moderna (MRNA 67.79, -8.77, -11.45%).

Outside the S&P 500, the Russell 2000 (-0.6%) gives back some of yesterday's strength, while the S&P Mid Cap 400 trades little changed.

On the earnings front, Delta Air Lines (DAL 87.50, -1.50, -1.69%) is trading lower despite reporting better-than-feared quarterly results and reaffirming its full-year outlook, suggesting investors remain cautious about the pace of the airline industry's earnings recovery even as the company pointed to improving demand.

Today's subdued action keeps the major averages on track for a mostly higher week despite the considerable volatility seen over the past several sessions. While investors have largely looked past the latest geopolitical headlines for now, attention appears to be shifting toward next week's earnings reports and inflation readings, which could provide the market's next meaningful catalyst.

There is no economic data of note today.

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.2%), and DJIA (+0.2%) are modestly higher just after midday. 

Circle Internet Group (CRCL 66.62, +3.61, +5.73%) is sharply higher after receiving final approval from the OCC to establish Circle National Trust, a national trust bank that will initially provide federally regulated digital asset custody for CRCL and its affiliates, with USDC reserve management planned as a future capability. The approval, which follows conditional OCC approval in December 2025, is supporting the stock because it gives CRCL a stronger federal regulatory framework around key stablecoin infrastructure while arriving after a volatile pullback in the shares.

[BRIEFING.COM] The major averages remain little changed from their previous levels at midday.

SK Hynix Inc. (SKHYV 174.04, +25.04, +16.8%) opened at $170 after pricing IPO at $149 per ADS. Performance across other notable memory names is mixed, with Micron (MU 975.12, -16.52, -1.67%) moving lower while Sandisk (SNDK 1892.62, +34.35, +1.85%) holds a decent gain.

[BRIEFING.COM] After several consecutive days of semiconductor gains and swings in oil prices, stocks are in the midst of a more subdued, lower-volume session this morning. The S&P 500 (+0.2%), Nasdaq Composite (+0.1%), and DJIA (+0.2%) are modestly higher just before midday.

The major averages moved lower around an hour ago following some volatility on the geopolitical front, with President Trump saying on Truth Social that the U.S. has agreed to continue talks with Iran, though he declared the ceasefire over. Crude oil has since moved lower, currently down $0.87 (-1.2%) to $71.20 per barrel.

Seven S&P 500 sectors trade higher, though the materials sector (+1.2%) is the only one that holds a gain wider than 0.6%.

The PHLX Semiconductor Index (-0.4%) trades modestly lower, keeping the information technology sector (+0.1%) near its flat line and adding to the subdued tone at the index level.

Outside of the S&P 500, the Russell 2000 (-0.7%) gives back some of yesterday's strength, while the S&P Mid Cap 400 is flat.

[BRIEFING.COM] The major averages remain mixed.

Meta Platforms (META 668.41, +36.93, +5.85%) is trading sharply higher, rallying back above its 200-day moving average, as investors grow more comfortable that the company's heavy AI infrastructure spending can produce both new revenue opportunities and long-term cost advantages. The move is being supported by several AI-related catalysts, including reports that META may rent out surplus compute capacity, effectively turning excess infrastructure into a potential cloud-style revenue stream.

Investors are also responding favorably to Mark Zuckerberg's release of Muse Spark 1.1 and developer access through META's new Model API, which positions the company more directly against OpenAI and Anthropic in enterprise AI. Additional reports that META plans to double computing capacity from 7 GW to 14 GW by 2027 and begin production of a custom AI chip developed with Broadcom Broadcom (AVGO 398.61, -2.50, -0.62%) are helping ease concerns about reliance on NVIDIA (NVDA 206.32, +3.54, +1.75%) and the cost of scaling AI workloads.

The stock's leadership within Big Tech suggest the market is increasingly viewing META's AI buildout as a monetizable platform opportunity rather than just a margin headwind.

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.3%), and DJIA (-0.1%%) now trade modestly lower.

Delta Air Lines (DAL 86.58, -2.42, -2.72%)  is trading lower following its Q2 report despite delivering better-than-feared earnings, reaffirming FY26 EPS guidance, and providing Q3 EPS guidance with a midpoint above consensus. The negative reaction suggests investors are looking past the headline beat and focusing on the fact that EPS still declined sharply year-over-year due to fuel pressure, while the full-year outlook still requires strong second-half execution.

Delta's Q2 report was not a clean acceleration story, but it was an important test of the company's pricing power and premium-demand model. The company absorbed a major fuel shock, recovered a meaningful portion of the increase through fares, and still reaffirmed FY26 EPS guidance of $6.50-$7.50, well above the roughly $6.00 consensus. The Q3 outlook also looks solid with the EPS midpoint above consensus and operating margin guidance of 11-13%, suggesting management expects profitability to improve as fuel moderates and fare gains hold. The reason the stock is lower is that investors may be questioning whether those fare increases remain sticky after peak summer travel and whether cost pressures leave enough margin for error. The cleanest follow-through would be sustained premium and corporate demand, continued fuel recapture, disciplined capacity, and Q3 margins tracking toward the upper half of guidance.

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (flat), and DJIA (+0.1%) are flattish amid a quiet Friday morning for the stock market.

Eight S&P 500 sectors trade higher, though the gains are modest in nature. The communication services sector (+0.9%) is the only sector that holds a gain wider than 0.5% as Meta Platforms (META 672.17, +40.69, +6.44%) is a mega-cap standout this morning, adding to an impressive rebound this week that has the stock up over 15% week-to-date.

Meanwhile, the information technology sector is flat as semiconductor stocks face some modest profit-taking after two consecutive strong sessions. The PHLX Semiconductor Index is down 1.0%.

Only the health care sector (-0.5%) holds a loss wider than 0.1%.

The stock market remains on track for a mixed open as a cool-off across semiconductor stocks meets a quiet morning of geopolitical developments and corporate news items.

The major averages enter today's session mostly higher for the week, with the recent semiconductor momentum pushing the Nasdaq Composite (+1.5% week-to-date) out in front, while the S&P 500 (+0.8% week-to-date) also holds a nice gain and the DJIA (-0.8% week-to-date) lags.

Equity indices in the Asia-Pacific region had a mostly higher finish to the week with South Korea's Kospi (+2.5%) narrowing this week's loss to 7.6% while markets in New Zealand were closed for a holiday. The Japanese yen and JGBs climbed after Finance Minister Katayama said that she will encourage pension funds to increase their exposure to domestic assets. The Japanese government is expected to release the framework for its economic plan on July 21. Malaysia's central bank left its policy rate at 2.75%, as expected.

• In economic data:
  • Japan's June PPI 0.4% m/m (expected 0.3%; last 1.1%); 7.1% yr/yr (expected 6.8%; last 6.6%)

---Equity Markets---

• Japan's Nikkei: +1.2% 
• Hong Kong's Hang Seng: +0.6% 
• China's Shanghai Composite: -1.0% 
• India's Sensex: +1.1% 
• South Korea's Kospi: +2.5% 
• Australia's ASX All Ordinaries: +0.5%

Major European indices are looking for a higher finish to the week. Expectations for a September rate hike from the European Central Bank are on the rise due to the understanding that the U.S. ceasefire with Iran is essentially over. Bank of France raised its domestic growth forecast for Q2 to 0.2% from 0.0% while Bank of England Chief Economist Pill said that the bank rate will need to be raised this year.

• In economic data:
  • Germany's June CPI -0.3% m/m, as expected (last -0.2%); 2.3% yr/yr, as expected (last 2.6%)
  • France's June CPI -0.3% m/m (expected -0.2%; last 0.1%); 1.8% yr/yr, as expected (last 2.4%)
  • Italy's May Industrial Production -0.3% m/m (expected -0.1%; last 0.4%); 1.1% yr/yr (expected 1.3%; last 1.1%)
  • Swiss June SECO Consumer Climate -36 (expected -35; last -38)

---Equity Markets---

• STOXX Europe 600: +0.2% 
• Germany's DAX: +0.1% 
• U.K.'s FTSE 100: +0.1%
• France's CAC 40: unch 
• Italy's FTSE MIB: +0.6% 
• Spain's IBEX 35: +0.5% 

The S&P 500 futures currently trade eight points below fair value.

The New York Times reports that Qatari officials are in discussions with the U.S. and Iran to de-escalate the recent conflict. Crude oil is currently flat this morning, at $72.08 per barrel.

Equity futures point to a mixed, flattish opening this morning as momentum across semiconductor stocks cools while oil prices stabilize.

The major averages have enjoyed two consecutive sessions of solid gains from the semiconductor group, with today's modest early weakness likely a mechanical pullback. SK Hynix (SKHY) will begin trading on the Nasdaq today, with its IPO priced at $149 per ADS. Some analysts predict that the South Korean memory heavyweight could put pressure on other memory names that have surged recently.

Outside of tech, oil prices are just modestly higher this morning after yesterday's pullback. Bloomberg reports that technical talks between the U.S. and Iran will continue despite renewed tensions.

Corporate news items are relatively quiet this morning, though Delta Air Lines (DAL 87.50, -1.50, -1.7%) kicked off the Q2 earnings season, which will ramp with major banking names next week.

There is no economic data of note today.

In corporate news:

• Delta Air Lines (DAL 87.50, -1.50, -1.7%) beat EPS expectations by $0.07, beat revenue expectations, guided Q3 EPS in-line, and reaffirmed its FY26 EPS guidance.
• Meta Platforms (META 654.49, +23.01, +3.6%) trades higher amid some positive commentary around its position in the frontier AI race, according to SemiAnalysis.
• SK Hynix (SKHY) prices IPO at $149 per ADS, raising approximately $26 billion in proceeds, according to Bloomberg.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a mostly higher finish to the week with South Korea's Kospi (+2.5%) narrowing this week's loss to 7.6% while markets in New Zealand were closed for a holiday. Japan's Nikkei: +1.2%, Hong Kong's Hang Seng: +0.6%, China's Shanghai Composite: -1.0%, India's Sensex: +1.1%, South Korea's Kospi: +2.5%, Australia's ASX All Ordinaries: +0.5%.

In news:

• The Japanese yen and JGBs climbed after Finance Minister Katayama said that she will encourage pension funds to increase their exposure to domestic assets.
• The Japanese government is expected to release the framework for its economic plan on July 21.
• Malaysia's central bank left its policy rate at 2.75%, as expected.

In economic data:

• Japan's June PPI 0.4% m/m (expected 0.3%; last 1.1%); 7.1% yr/yr (expected 6.8%; last 6.6%)

Major European indices are looking for a higher finish to the week. STOXX Europe 600: +0.1%, Germany's DAX: +0.2%, U.K.'s FTSE 100: +0.1%, France's CAC 40: +0.1%, Italy's FTSE MIB: +0.6%, Spain's IBEX 35: +0.4%.

In news:

• Expectations for a September rate hike from the European Central Bank are on the rise due to the understanding that the U.S. ceasefire with Iran is essentially over.
• Bank of France raised its domestic growth forecast for Q2 to 0.2% from 0.0% while Bank of England Chief Economist Pill said that the bank rate will need to be raised this year.

In economic data:

• Germany's June CPI -0.3% m/m, as expected (last -0.2%); 2.3% yr/yr, as expected (last 2.6%)
• France's June CPI -0.3% m/m (expected -0.2%; last 0.1%); 1.8% yr/yr, as expected (last 2.4%)
• Italy's May Industrial Production -0.3% m/m (expected -0.1%; last 0.4%); 1.1% yr/yr (expected 1.3%; last 1.1%)
• Swiss June SECO Consumer Climate -36 (expected -35; last -38)

[BRIEFING.COM] The major averages finished higher as investors rotated back into semiconductor stocks while easing oil prices helped support economically sensitive areas of the market following yesterday's geopolitical-driven selloff. The Nasdaq Composite (+1.3%) led the advance as chipmakers rallied throughout the session, while the S&P 500 (+0.8%) also climbed into the close. The DJIA (+0.3%) posted a more modest gain, reflecting some weakness among several defensive-oriented sectors.

The information technology sector (+1.8%) led the market, supported by a 3.1% gain in the PHLX Semiconductor Index. Nikkei reported that Applied Materials (AMAT 588.66, +18.16, +3.18%) CEO Gary Dickerson said chipmakers are preparing for years of expansion, reinforcing optimism surrounding AI-related capital spending as investors continued buying yesterday's dip.

Memory stocks received an additional boost after Reuters reported that SK Hynix's upcoming U.S. ADS offering is more than seven times oversubscribed, highlighting continued institutional enthusiasm for AI-related semiconductor names. Leadership remained concentrated in memory stocks such as Micron (MU 991.64, +42.84, +4.52%) and Sandisk (SNDK 1857.37, +130.19, +7.54%), semiconductor equipment companies including Lam Research (LRCX 353.17, +20.02, +6.01%), and AI compute and networking names such as Advanced Micro Devices (AMD 546.72, +29.32, +5.67%), suggesting investors continue to favor the highest-conviction AI beneficiaries.

Outside of technology, easing energy prices provided a more supportive backdrop for cyclical sectors. WTI crude oil futures settled down $1.43 (-1.9%) at $72.10 per barrel despite continued exchanges of fire between the U.S. and Iran, helping Treasury yields retreat from yesterday's highs.

The consumer discretionary sector (+1.2%) strengthened into the afternoon, led by cruise operators such as Norwegian Cruise Line (NCLH 19.76, +1.29, +6.98%), while Tesla (TSLA 406.55, +12.49, +3.17%) rebounded sharply from yesterday's weakness.

The industrials sector (+0.4%) also benefited, with trucking companies, including FedEx Freight (FDXF 154.25, +10.95, +7.64%), and airlines contributing to the advance.

The financials (+1.0%) remained among the day's strongest performers as investors continued to buy yesterday's weakness.

Today's retreat in oil prices weighed on the energy sector (-1.6%), while defensive-oriented groups also underperformed amid the renewed appetite for technology stocks. The consumer staples sector (-1.8%) finished as the weakest S&P 500 sector after Costco (COST 912.97, -40.16, -4.21%) declined on softer June comparable sales growth and PepsiCo (PEP 137.86, -4.65, -3.26%) fell despite a narrow earnings beat as its North America results disappointed. The utilities (-0.6%) and health care (-0.1%) sectors also finished lower.

Outside of the S&P 500, the Russell 2000 (+1.2%) and S&P Mid Cap 400 (+1.2%) both rebounded nicely from yesterday's weakness, reflecting a broad improvement in sentiment as oil prices and Treasury yields retreated.

Today's session marked a reversal of several themes that dominated yesterday's trading. While easing oil prices helped broaden participation across portions of the market, semiconductor stocks once again provided the clearest leadership as investors looked past ongoing geopolitical tensions and renewed their focus on the long-term AI investment cycle.

U.S. Treasuries snapped their two-day skid on Thursday, spending the session in a steady bounce off their opening lows. The daylong rally received some intraday support from a strong $22 billion 30-year bond sale, which made for a good finish to this week's trifecta of solid auctions. The 2-year note yield settled down four basis points to 4.16%, and the 10-year note yield settled down three basis points to 4.54%.

• Russell 2000: +20.6% YTD
• S&P Mid Cap 400: +14.4% YTD
• Nasdaq Composite: +12.8% YTD
• S&P 500: +10.2% YTD
• DJIA: +9.2% YTD

Reviewing today's data:

• Weekly Initial Claims 215K (Briefing.com consensus 220K); Prior was revised to 217K from 215K, Weekly Continuing Claims 1.814 mln; Prior was revised to 1.806 mln from 1.814 mln
  • The key takeaway from the report is the same key takeaway as other recent reports: the low level of initial jobless claims continues to reinforce the understanding that layoff activity remains quite low overall.
• June Existing Home Sales 4.09 mln (Briefing.com consensus 4.20 mln); Prior was revised to 4.19 mln from 4.17 mln
  • The key takeaway from the report is that affordability conditions improved across all regions as wage growth outpaced home price growth; however, overall sales were still pressured by high prices and elevated mortgage rates.