SK Hynix makes the biggest U.S. debut ever by a foreign company

Good morning. South Korean memory chipmaker SK Hynix made its Nasdaq debut in New York last night, raising about $26.5 billion, the largest ever for a foreign company listing in the U.S. Hynix shares jumped.

The broader market was calm. The S&P 500 gained 0.4% to end a choppy week on a high note, but other chip stocks stayed put. In fact, tech fell 4.8% in the first five trading days of the second half, making it the worst sector so far, while money rotates toward health care, industrials and utilities. One big deal became another test of appetite for the AI trade.

The Middle East is still on edge. After this week’s U.S.-Iran clashes, tanker traffic through the Strait of Hormuz slowed noticeably, and some analysts say it has nearly ground to a halt. President Trump says the ceasefire is over but talks will continue.

Interest rates are no help. Bank of America notes that 30-year real yields are the highest since November 2008, and tells investors to prepare for a chilly summer in which you can’t buy bonds or sell stocks. Next week brings U.S. inflation data, which should help gauge when and whether the Fed raises rates again.