Ringside · Pre-Bell · Jul 10
- SK Hynix debuts on Nasdaq today: 177.9 million shares priced at $149, a $26.5 billion raise, the largest ADR listing ever.
- Delta opens earnings season before the bell, with the Street near $1.44 a share on $17.7 billion; options imply a 7% swing.
- Crude sits near $72 as US-Iran technical talks resume; futures are little changed after Thursday's record 7,543.64.
Indexes
The overnight session belonged to Asia, where the memory-chip trade that has driven this market all year found a fresh burst of energy ahead of the day's marquee listing. South Korea's Kospi jumped 2.5% and Japan's Nikkei added better than a percent, with SoftBank up double digits in Tokyo. US futures, by contrast, are close to flat after Thursday's record: S&P contracts sit a fraction higher, Nasdaq futures slipped as traders trimmed chip winners into the open, and the Dow held a small gain. In Europe, the major bourses opened little changed, the FTSE, DAX and CAC all within about two-tenths of a percent of Thursday's close.
| US Futures | Level | % vs Cash | Note |
|---|---|---|---|
| ES (S&P 500) | 7,588.75 | +0.07% | Steadies after the record |
| NQ (Nasdaq 100) | 29,850.75 | -0.27% | Chip winners trimmed |
| YM (Dow) | 52,883 | +0.27% | |
| RTY (Russell 2000) | 3,005.60 | +0.13% | Holds above 3,000 |
| Asia Close | Level | % Chg | Note |
|---|---|---|---|
| Nikkei 225 | 68,557.73 | +1.07% | SoftBank leads |
| Hang Seng | 24,175.12 | +0.60% | Best week in over a year |
| Kospi | 7,475.94 | +2.52% | Memory names surge |
In the News
Rates, FX, Commodities
Yields eased for a second morning as the geopolitical premium came out of oil and took some of the inflation worry with it, drawing the 10-year back from the 4.60% line it pressed midweek. The dollar held firm and gold slipped, giving back a little more of the haven bid built during the war scare.
| Rates & Vol | Level | Note |
|---|---|---|
| 2-Year Treasury | 4.20% | Upper edge of the 2026 range |
| 10-Year Treasury | 4.54% | Backs off the 4.60% press |
| 30-Year Treasury | 5.05% | |
| 2s10s Spread | +34 bp | A touch flatter |
| VIX | 15.9 | Back below 16 |
| Dollar Index (DXY) | 100.8 | Holds its gains |
| Commodities | Level | Note |
|---|---|---|
| WTI Crude | $71.91 | Slips under $72 |
| Brent Crude | $76.15 | War premium fades |
| Gold | $4,117 | Eases a third session |
| Nat Gas | $2.97 | Drops under $3.00 |
Technicals
Thursday's record leaves the S&P 500 at 7,543.64 in open air, with the rising 20- and 50-day averages beneath it and first support near 7,480; futures this morning point to a flat-to-firmer open that would keep the index in new-high ground. At 26,206.89, the Nasdaq Composite holds the upper edge of its June breakout range, and a soft Nasdaq futures print suggests some digestion of the chip run rather than a reversal. In the bond market, the 10-year at 4.54% has stepped down from the 4.60% level it tested midweek, and the 2-year near 4.20% remains pinned to the upper edge of its 2026 range. The sharpest technical setup belongs to Micron, which reclaimed its 20-day average Thursday on the heaviest memory-group volume of the week and now trades near $990, just under the $1,000 mark. Its hourly chart is below.
Breakouts & Breakdowns
Breakouts
Micron (MU) — reclaimed its 20-day average on Thursday's $3 billion domestic plan and now sits near $990; the $1,000 round number is the next marker overhead.
Advanced Micro Devices (AMD) — cleared back above its June range near $540 on the Morgan Stanley packaging note; the prior high is the level to reclaim next.
Breakdowns
Alphabet (GOOGL) — lost its 20-day average Thursday as money rotated out of the platform megacaps; near $358, the 20-day is now first resistance overhead.
Exxon Mobil (XOM) — energy was the day's laggard group as crude slid toward $72; near $137, XOM is testing its 50-day with the oil premium coming out.
Top Movers
Gainers
Sandisk (SNDK) jumped about 7.6% in premarket trading, the standout among the memory names, as optimism over high-bandwidth memory demand carried the group higher. The move extends a strong run for storage and memory suppliers and signals that buyers are still willing to chase the AI-hardware theme even after a volatile week for the group.
The broader semiconductor complex firmed with it, the VanEck Semiconductor ETF up about 2.5%, though the strength was uneven and Micron gave back a little of Thursday's 7.5% pop as traders booked the quick gain.
Losers
Levi Strauss (LEVI) fell roughly 6% after its results, an unusual reaction to a clean beat: the company earned $0.28 a share against a $0.24 estimate on revenue of $1.56 billion, ahead of the $1.52 billion consensus, and raised its full-year revenue outlook. The selling came from the forward look rather than the quarter, as management guided third-quarter growth to 4%-to-5% from an 8% pace and set a full-year earnings midpoint of $1.49, a shade under the $1.51 the Street wanted, with the finance chief flagging that shifting tariff policy made the outlook hard to pin down. The read for apparel and staples is the same one PepsiCo sent Thursday: the top line is holding, but the guidance is where a cautious consumer shows up.
Ionis Pharmaceuticals (IONS) slid about 12% in premarket trading on a disappointing update, the day's sharpest decliner outside the consumer names.
Macro Calendar
The US data calendar is bare on Friday, which hands the session to earnings and the day's big chip listing for direction. The next scheduled reading of note is the University of Michigan consumer sentiment survey later in the month.
| Release | Time (ET) | Note |
|---|---|---|
| No major US releases | — | Focus shifts to Delta's report |
Earnings Today
The quarter's reporting run opens with one marquee name and little else.
Before the Open
Delta Air Lines (DAL) reports before the bell and sets the tone for travel demand into the back half of the year. The Street is looking for earnings of about $1.44 a share on revenue near $17.7 billion, a profit drop of roughly 30% from a year ago as higher labor and fuel costs bite even with revenue growing in the low teens; options are pricing a move of about 7% on the print. Delta has beaten Wall Street's earnings consensus in each of its last six quarters. Management's read on corporate versus leisure bookings, and whether the full-year profit path still looks intact, will matter more than the headline.
After the Close
The after-hours slate is empty; the reporting calendar thickens next week when the large banks open the financial season.
Drivers
1. The memory listing is the day's real test. SK Hynix prices its US shares at $149 apiece and begins trading as SKHY, a $26.5 billion sale the company said was oversubscribed several times over and a record for any overseas issuer coming to a US exchange. The company holds roughly 60% of the high-bandwidth memory market, so how the shares hold up in their first session will tell subscribers whether the AI-hardware bid has real buyers behind it or whether this week's chip bounce was a cover of oversold positions.
2. Delta's guidance carries more weight than its quarter. Revenue is set to grow near the low teens while earnings fall about 30% from a year ago, the scissors of full-price demand against higher labor and fuel costs, and the stock has run up 22% this year into the report. Whether the airline still frames a 2026 profit in the $6-to-$7 range is the number that moves it.
3. Oil remains the swing variable. WTI at $71.91 and Brent at $76.15 have handed back most of the war premium on the view that Gulf shipping keeps flowing, helped by the first US crude build since April. The Strait of Hormuz still sits one headline away from repricing, but traffic through it stayed normal overnight.