S&P 500 rises 0.4 percent as AI-related stocks advance

U.S. stocks rose Friday as investors continued to favor companies tied to artificial intelligence. The S&P 500 gained 0.4 percent, the Dow Jones Industrial Average added 0.3 percent, and the Nasdaq composite climbed 0.3 percent. SK Hynix began trading on the Nasdaq after raising about $26.5 billion through the sale of American depositary shares priced at $149 each.

The shares rose 13.1 percent on the first day of trading. The company’s stock in Seoul had already increased 634 percent over the prior year.

Market reaction and earnings Nvidia shares rose 4 percent and provided the largest single contribution to the S&P 500 advance. Delta Air Lines reported first-quarter profit and revenue above analyst estimates and issued a summer profit forecast whose midpoint exceeded expectations, though its stock fell 1.8 percent.

Next week, several large banks including Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Wells Fargo are scheduled to report earnings.

Other moves and oil prices Circle Internet Group shares gained 5 percent after the company received U.S. regulatory approval to establish a bank named Circle National Trust. WD-40 stock rose 10.6 percent after quarterly profit exceeded analyst forecasts.

Brent crude oil fell 0.4 percent to $76.01 per barrel. President Donald Trump stated on social media that talks with Iran would continue while also declaring that the cease-fire is over.