Nasdaq futures slip before SK Hynix U.S. debut

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Nasdaq futures slip

Highlights

Nasdaq futures fell 0.54%, S&P 500 lost 0.17%, while Dow futures rose 0.10%.
SK Hynix is set to debut on Nasdaq at $149 per ADR.
Nasdaq is up 1.5% for the week.
Chip demand remains the main market test.

Nasdaq 100 futures fell 0.54% to 29,775.25, S&P 500 futures declined 0.17% to 7,576.00, while Dow Jones futures rose 0.10% to 52,816.00, according to the latest market data shown Friday morning. The moves followed Thursday gains, when the Nasdaq Composite rose 1.3%, the S&P 500 gained 0.8%, and the Dow added 0.3%, CNBC reported.

Nasdaq slips after chip-led rally

The focus is now on SK Hynix, the South Korean memory-chip maker set to debut on Nasdaq later Friday. Its American depositary receipts were priced at $149 each.

SK Hynix has become one of the main companies tied to the AI infrastructure boom because of demand for high-bandwidth memory used in advanced chips and data centers. Its U.S. debut is being watched as a test of whether investors still want direct exposure to the semiconductor trade after a powerful rally.

Thursday’s gains were helped by renewed strength in chipmakers, with investors hoping earnings growth can broaden the market’s advance beyond a small group of technology leaders.

Global markets track tech strength

The U.S. chip rally spilled into Asia. Japan’s Nikkei 225 rose 1.2%, while South Korea’s Kospi gained 2.5%, helped by strong moves in technology stocks. SK Hynix added 1.3% in Seoul ahead of its U.S. debut, while Samsung Electronics rose 4.3%.

The mood was weaker in China, where the CSI 300 fell 1.96%, dragged lower by technology and industrial stocks. In Europe, the Stoxx 600 edged up 0.15% after the open, though the technology sector lagged with a 0.8% drop.

Oil prices also remained part of the market backdrop. Stocks had rallied after prices cooled, and President Donald Trump said Iran had called to make a deal, while Qatar and Pakistan worked to bring Washington and Tehran back to negotiations.

AI trade faces a Friday test

SK Hynix’s debut matters because the AI rally is now being measured against real investor demand for new listings. A strong first session would reinforce confidence in memory-chip suppliers and AI infrastructure. A weak debut would suggest investors are becoming more selective after the recent run-up.

The broader market still looks uneven. Through Thursday, the Nasdaq was up 1.5% for the week and the S&P 500 had gained 0.8%, while the Dow Jones was down 0.8%. That split shows how much the current rally depends on technology leadership.

We have previously highlighted that the market quickly cooled on SpaceX.

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