Pre-Market Report – Friday 10 July: US markets push higher - Chips better - SPI down 2 - Gold up - Oil down - BVS upgrade

US stocks gained traction on Thursday amid gains for chip producers and an improvement in credit conditions. The S&P 500 rose 0.5% and the Nasdaq 100 gained 1.3%, while the Dow rose 200 points. Memory chip producers were sharply higher as markets reconsidered the speculative outlook of AI infrastructure manufacturers. These were magnified by the introduction of SK Hynix ADRs tomorrow, the world's largest memory producer, with reports stating the receipts are seven times oversubscribed. Micron and Sandisk were 7% up. Meanwhile, oil prices and bond yields eased amid evidence that laden tankers continued to cross the Strait of Hormuz despite fresh attacks between the US and Iran. This supported the financial sector with Morgan Stanley, Goldman Sachs, and American Express, adding around 3% each. Meanwhile, Meta rebounded from early losses to a 2% gain after announcing it will target production of its own AI chip by September.

SPI down 2 - Gold up - Oil down - BVS upgrade

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