MARKET WRAPS
STOCKS: Stocks rose as a strong debut for a South Korean memory chip maker spurred risk appetite.
TREASURYS: Treasury yields rose on expectations for more energy-driven inflation.
FOREX: The U.S. dollar ticked up against rivals as traders monitored rising U.S.-Iran tensions.
COMMODITIES: Oil futures fell slightly for the session but rose for the week as traders awaited updates on tanker traffic in the Strait of Hormuz.
HEADLINES
SK Hynix's stock scores double-digit pop in Nasdaq debut
U.S.-listed shares of SK Hynix popped on Friday as they made their debut on the Nasdaq, giving American investors a new way to buy into the memory boom.
SK Hynix's American depositary receipts SKHYV began trading at 11:34 a.m. Eastern time at $170 each, about 14% above the offering price. The stock was up to about $172 in afternoon trading.
The South Korean chip maker raised about $26.5 billion in an offering priced at $149 per share on Thursday evening. The ADRs started trading under the ticker symbol "SKHYV" on Friday but will trade under the symbol "SKHY" come Monday, according to the company.
Delta Sales Keep Climbing While Sky-High Fuel Costs Cut Profit
Delta Air Lines said customers aren't shrinking away from higher flight prices that have helped offset sky-high fuel costs.
The Atlanta airline reported a second-quarter surge in revenue despite adding just 1% of capacity. Chief Executive Ed Bastian said higher fares haven't slowed down demand, at least from Delta's customers. Airfare remains a strong bargain, even at these elevated levels, he said.
"While they've jumped recently, they're certainly not expensive," Bastian said.
Apple Sues OpenAI, Alleging It Stole Trade Secrets
Apple sued OpenAI and one of its top executives Friday alleging the AI company stole trade secrets as part of its effort to develop competing devices.
The civil suit filed in the Northern District of California accuses OpenAI's chief hardware officer, Tang Tan, and Chang Liu, a member of its technical staff, of taking Apple's confidential information through various methods. Both are former Apple employees who went to work for OpenAI.
The lawsuit shows how the relationship between the two companies has rapidly deteriorated since 2024, when they signed a deal to have OpenAI's ChatGPT work with Apple's Siri chatbot. Apple's new Siri AI, announced in June, is powered by Google's Gemini technology.
Warburg Pincus Near Over $7 Billion Deal for Specialty-Pharmacy Company
Private-equity firm Warburg Pincus is near a deal to buy specialty-pharmacy company Pantherx Rare for over $7 billion, including debt, according to people familiar with the matter.
Pantherx Rare is owned by an investor consortium that includes private-equity firm General Atlantic.
Circle Receives Approval to Launch Crypto-Focused Bank
Circle Internet Group shares popped after the company received approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, a regulatory milestone that sets up the launch of a cryptocurrency-focused bank.
The bank, which will operate under the name Circle National Trust, said the approval will strengthen the infrastructure of USDC, a stablecoin, or cryptocurrency intended to maintain a fixed value against the dollar.
Shares rose 13%, to $71.21, in premarket trading Friday. Through Thursday's close, the stock has lost about a quarter of its value year to date.
Meta Failed to Protect Users From Addictive Apps, EU Says
BRUSSELS-Meta Platforms isn't doing enough to protect users' physical and mental health from its addictive designs of Instagram and Facebook, the European Union said, escalating a probe that could yield heavy fines.
The European Commission on Friday issued preliminary findings that Meta breached the bloc's Digital Services Act, a landmark law that requires the world's biggest online platforms to assess and mitigate risks.
If the findings are confirmed, Meta could face a fine of up to 6% of its global revenue for each platform.
Oil Demand Recovery Is Under Way But U.S.-Iran Escalation Clouds Outlook, IEA Says
Global oil demand is recovering after months of disruptions in the Middle East, but a flare-up in fighting between the U.S. and Iran has cast uncertainty over the outlook just as markets were bracing for a new wave of supply next year, the International Energy Agency said.
While consumption is projected to decline by 1 million barrels a day this year, the pace of contraction is easing sharply. Demand fell by 4.8 million barrels a day in the second quarter and is forecast to decline by 1.7 million barrels a day in the third quarter before returning to growth in the final three months of the year, with consumption rising by 1.2 million barrels a day.
The rebound would mark a turning point for a market that spent much of the year gripped by fears that the war could remove millions of barrels a day from global supplies. The latest escalation in hostilities, however, could now upend expectations that the market will move into surplus next year, the IEA said.
TALKING POINT 'A Casino in Their Pocket': Financial Advisors Raise Alarms About the Risks of Online Gambling
The rising popularity of online betting services, often marketed to male consumers via glitzy commercials, celebrity spokesmen, and social media ads, raises the odds that your children, or other young relatives, have already been exposed to such platforms.
If you have considered discussing the financial risks of betting apps and websites with your children, you might want to initiate the conversation sooner rather than later, according to financial advisors.
Young people don't just run the risk of losing money, they may wrongly begin to associate their betting with investing because of the language used by these platforms, says Clifford Cornell, a financial advisor at Bone Fide Wealth.
"'I bought five Knicks contracts,' sounds a little more sophisticated...like I'm buying into the Knicks," rather than betting on the outcome of an NBA game, Cornell says. "There is this underlying tone in the marketing where it sounds like an actively traded investment, but it's pure speculation."
There are now multiple avenues for gambling online, including online sportsbooks FanDuel and DraftKings, and prediction markets such as Kalshi, which allow users to buy and sell contracts on future events, be they sports games, crypto markets, politics, or the weather.
For young people, having quick access to online betting can normalize gambling early on, advisors say. "It can quickly turn from a casual hobby into a full-blown addiction," Cornell says.
-- Danielle Walker
Expected Major Events for Monday
16:59/GER: May Balance of Payments
18:00/US: Jun Monthly Treasury Statement of Receipts and Outlays of the U.S. Government
23:01/UK: Jun BRC-KPMG Retail Sales Monitor
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Monday
CCA Industries Inc $(CAWW)$ is expected to report for 2Q.
Carver Bancorp Inc (CARV) is expected to report for 4Q.
Commercial National Financial Corp (Pennsylvania) (CNAF) is expected to report for 2Q.
Cryo-Cell International Inc $(CCEL)$ is expected to report $0.00 for 2Q.
Environmental Tectonics Corp (ETCC) is expected to report for 1Q.
FB Financial Corp $(FBK)$ is expected to report $1.15 for 2Q.
Fastenal Co $(FAST)$ is expected to report $0.33 for 2Q.
Fastenal Co (FAST) is expected to report.
Jewett-Cameron Trading Co Ltd (JCT-T,JCTC) is expected to report for 3Q.
Lyra Therapeutics Inc $(LYRA)$ is expected to report for 1Q.
PrairieSky Royalty Ltd (PSK.T) is expected to report for 2Q.
Powered by Onclusive and Dow Jones.
We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
July 10, 2026 17:00 ET (21:00 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments