Gold Prices Hit Three-Month High as Dollar Weakens 
UK Economy Shows Strength as Burnham Gets Early Boost 
Oil Prices Retreat as Markets Await Tougher Iran Sanctions 
Europe EV Sales Surge as High Fuel Prices Drive Demand 
RBA Debated Rate Hike as Inflation Risks Persist 
Asian Stocks Slide as Samsung, Alibaba Lead Tech Selloff 
ING Says Yen Is 20% Undervalued Against Dollar 
Iran Allows Iraqi Oil Tankers Through Strait of Hormuz 
China EV Stocks Slide as Door Handle Recall Hits 4.3 Million Vehicles 
Norway Backs Barents Sea Oil and Gas Expansion 
Asian Currencies Slip as Dollar Rebounds on Iran Sanctions 
US Dollar Heads for Worst Week Since July as Fiscal Concerns Mount 
Dollar Near Multi-Month Lows as Treasury Buybacks Rattle Markets 
Oil Prices Edge Higher as US-Iran Sanctions Fuel Supply Concerns 
Gold Hits Three-Month High as Treasury Moves Fuel Rally 
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Wall Street ended higher on Friday, led by the blockbuster Nasdaq debut of South Korean memory chip giant SK Hynix, while investors largely shrugged off renewed U.S.-Iran tensions and shifted their attention to next week’s key U.S. inflation reports.
The S&P 500 gained 0.4% to close at 7,573.79, the Nasdaq Composite advanced 0.3% to 26,281.61, and the Dow Jones Industrial Average added 0.3% to 52,637.09. For the week, the S&P 500 rose 1.2%, the Nasdaq climbed 1.7%, while the Dow slipped 0.5%.
SK Hynix made history with the largest U.S. listing ever by a foreign company, raising $26.5 billion after pricing its American depositary shares at $149. The stock opened at $170 and finished 12.8% higher at $168.01. The company is a global leader in DRAM and high-bandwidth memory (HBM) chips, which are in high demand for artificial intelligence applications. Nvidia, one of SK Hynix’s biggest HBM customers, gained 4%, while rival Micron Technology fell 1.2%.
Analysts said SK Hynix’s successful debut dominated market sentiment. Interactive Brokers chief strategist Steve Sosnick noted that investors remained largely unfazed by President Donald Trump’s remarks that the ceasefire with Iran was over, focusing instead on continued diplomatic talks between Washington and Tehran.
Geopolitical tensions escalated after U.S. strikes on Iranian military targets prompted retaliatory attacks on U.S. bases. However, mediation efforts by Oman and Pakistan helped reassure investors that both sides remain open to negotiations, easing concerns about a broader regional conflict.
Attention is now turning to June’s U.S. Consumer Price Index (CPI) on Tuesday and Producer Price Index (PPI) on Wednesday. Economists expect inflation pressures to moderate following a decline in gasoline prices, although food costs may remain elevated. Federal Reserve officials continue to monitor inflation risks tied to tariffs, AI-driven demand, and Middle East developments.
Among individual stocks, Meta Platforms surged 6% after unveiling a new AI model, introducing a paid developer strategy, and reports that it plans to begin production of a custom AI chip in September while significantly expanding its computing infrastructure. Delta Air Lines slipped 1.8% despite reporting quarterly earnings above expectations, as investors remained concerned about higher fuel costs.
