U.S. Stocks Extend Gains for a Second Week as SK Hynix Soars in American Debut

The S&P 500 index has advanced for a second consecutive week, while SK Hynix Inc. surged on its first day of trading in the U.S., as traders assessed the latest geopolitical developments ahead of the approaching second-quarter earnings season.

The S&P 500 rose 0.4%, with materials and communication services sectors leading the gains; the Nasdaq 100 index climbed 0.3%.

SK Hynix Inc. raised $26.5 billion in the largest-ever U.S. initial public offering by a foreign company, with its American Depositary Receipts jumping 13% above their offering price on the first day of trading.

SK Group Chairman Chey Tae-won indicated plans to further expand investments in the United States.

The market is entering what could be a pivotal earnings season, with analysts continuing to raise their forecasts ahead of the second-quarter reports.

U.S. President Donald Trump stated that the United States will continue negotiations with Iran, but he believes the ceasefire between the two nations has concluded.

Craig Johnson, chief market technician at Piper Sandler & Co., noted that the market has once again digested geopolitical uncertainty without breaking below key support levels.

Technology stocks led the weekly advance, following a period of volatility for semiconductor shares.

The trading desk at JPMorgan Chase & Co. observed that positioning in the semiconductor and memory chip sectors has reached extreme levels, suggesting that the upcoming earnings season will place greater focus on the guidance and strategic updates from mega-cap technology firms.

Meta Platforms Inc. outperformed its fellow "Magnificent Seven" stocks on Friday, after research firm SemiAnalysis released an optimistic report concerning the company's artificial intelligence computing capabilities.

At the close, the S&P 500 index was up 0.4% at 7,575.39 points.

The Dow Jones Industrial Average increased 0.3% to 52,637.01 points.

The Nasdaq Composite Index gained 0.3%, reaching 26,281.61 points.

The Nasdaq 100 index advanced 0.3% to 29,825.11 points.

The Russell 2000 index declined 0.5%, closing at 2,977.805 points.