Merlintrader's Daily Briefing

Friday, July 10, 2026, evening wrap. The day was dominated by SK Hynix’s record Nasdaq debut: the ADSs opened at $170, 14% above the $149 price, then ran toward $175 in a deal worth about $26.5 billion, the largest-ever U.S. listing by a foreign company. On Wall Street chips led a firm session, with Meta up about 6%, while the S&P 500 and Nasdaq stayed ahead and the Dow lagged. Europe closed mixed (Milan +0.44%, STOXX 600 near flat). Oil firmed modestly as Strait of Hormuz traffic slowed again; gold eased. Attention now turns to tomorrow’s Corcept FDA decision and Tuesday’s CPI.

Wall Street: a chip-led session
  • S&P 500— In late New York trading (markets still open at Europe’s close) the S&P 500 held modest gains, on track for a winning week led by chipmakers.Indices
  • Nasdaq— The Nasdaq Composite hovered around flat-to-higher, digesting SK Hynix’s arrival as megacap tech firmed.Indices
  • Dow— The Dow Jones lagged the tech-heavy indices, trading roughly flat as cyclicals underperformed.Indices
  • Russell 2000— Small caps outperformed, with the Russell 2000 up more than 1%, while the VIX stayed subdued near 15.7.Sentiment
SK Hynix’s record Nasdaq debut
  • SKHY— SK Hynix began U.S. trading Friday, opening at $170 versus its $149 ADS price and climbing toward $175, roughly 17% above the offer.IPO
  • 26,5 mld— The offering raised about $26.5 billion, the largest-ever U.S. listing by a foreign company, surpassing Alibaba’s 2014 debut.IPO
  • 1,27 T— The debut lifted SK Hynix’s market value to about $1.27 trillion, among the ~11 largest U.S.-listed companies.Memory
  • Ticker— Shares trade on a when-issued basis under SKHYV and are set to move to the SKHY ticker next week.Chips
Megacaps and chip crosscurrents
  • META— Meta jumped about 6% to near $673 after a Bank of America note flagged AI-infrastructure costs potentially far below Wall Street estimates.AI
  • MU— Micron slipped about 1.4% as investors weighed SK Hynix as a direct high-bandwidth-memory competitor.Chips
  • NVDA— Nvidia, an SK Hynix HBM customer, stayed in focus as the memory-for-AI supply chain drew fresh attention.Chips
  • Crypto— Risk appetite held firm: Circle rose about 12% and Bitcoin traded near $64,200, up close to 2%.Movers
Europe closes mixed
  • STOXX 600— The pan-European STOXX 600 finished the week barely changed, up about 0.04%.Europe
  • FTSE MIB— Milan’s FTSE MIB rose about 0.44%, again among the region’s stronger performers and near its first-half highs.Italy
  • Altre— London’s FTSE 100 added about 0.24% and Paris’s CAC 40 0.15%, while Frankfurt’s DAX eased about 0.2%.Europe
Oil, Iran and the Strait of Hormuz
  • Greggio— Oil firmed modestly, with WTI near $72 and Brent above $76 as Strait of Hormuz traffic slowed again.Oil
  • Iran— The U.S. and Iran exchanged their heaviest strikes since the ceasefire, yet markets largely looked past the escalation.Geopolitics
  • Negoziati— Reports of continuing U.S.-Iran technical talks helped cap the risk premium into the weekend.Geopolitics
Rates, gold and volatility
  • Oro— Gold eased about 0.8% to near $4,108 as risk-on sentiment and firmer yields weighed.Commodities
  • 10Y— Treasury yields held near recent highs, keeping the backdrop cautious ahead of next week’s inflation data.Rates
  • VIX— The VIX stayed low around 15.7, signaling calm despite the Middle East headlines.Macro
Earnings and single stocks
  • DAL— Delta Air Lines beat Q2 estimates and reinstated full-year guidance, but shares slipped about 1% as fuel costs bit.Earnings
  • Banche— Delta unofficially opened earnings season ahead of the big banks, which report starting Tuesday.Earnings
Catalysts ahead
  • CORT— Corcept Therapeutics faces a July 11 FDA decision on relacorilant in platinum-resistant ovarian cancer, backed by its Phase 3 ROSELLA data.Watchlist
  • CPI— June CPI lands Tuesday, July 14, the week’s first major macro test alongside the start of bank earnings.Macro
Bottom line
  • Prima lettura— SK Hynix’s record ~$26.5 billion debut headlined a chip-led session: the ADSs opened at $170 and ran toward $175, while Meta jumped ~6% and the S&P 500 and Nasdaq held gains, with the Dow lagging and fresh U.S.-Iran strikes.Bottom Line
  • Seconda lettura— Oil firmed on slower Hormuz traffic, gold eased and the VIX stayed low: markets looked past the geopolitics.Bottom Line
  • Terza lettura— Attention now turns to the weekend’s geopolitical headlines, tomorrow’s Corcept FDA decision and Tuesday’s June CPI plus the start of bank earnings.Bottom Line
  • Quarta lettura— For the .eu the filter stays on rates, spreads, European chips, Italian banks and selective biotech on verified catalysts.Bottom Line
Read the full Daily Briefing
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Window covered: July 6 → October 6, 2026. Compact homepage grid for FDA decisions, regulatory submissions and major clinical readouts. Tap any ticker box for the detailed catalyst note.

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Calendar cleanup

Removed from the active three-month board: $PRAX moved to December 27, 2026, $SVRA moved to November 22, 2026, and $CORT is no longer an open July PDUFA because relacorilant / Lifyorli was approved early. Orca-T / Tregzi was approved early, but Orca Bio is private, so it is sector context only.

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