Midday: U.S. stocks rise slightly, Nvidia’s market value returns to US$5 trillion
In the early morning of July 11, Beijing time, U.S. stocks rose slightly at midday on Friday. The Nasdaq and S&P 500 are expected to post gains this week. The market continues to pay attention to developments in the Middle East. The Dow rose 87.93 points, or 0.17%, to 52575.34 points; the Nasdaq rose 18.72 points, or 0.07%, to 26225.61 points; the S&P 500 rose 12.09 points, or 0.16%, to 7555.73 points. NVIDIA rose 3.2% and its market value returned to US$5 trillion. The S&P 500 is on track to gain 0.8% this week, The Composite Index is expected to close up 1.5% this week. However, The index fell 0.8% for the week. The market continues to pay attention to the latest developments in the situation between the United States and Iran. U.S. President Trump said on Thursday that Iran had called him hoping to reach a deal. Qatari and Pakistani officials said the two countries were trying to bring Washington and Tehran back to the negotiating table. An administration official said the two sides will continue "technical talks" even with recent airstrikes between the United States and Iran, and media reported on Thursday that the United States is committed to finding a solution to the Middle East conflict. Trump said earlier this week that the ceasefire between the United States and Iran had ended. "The lackluster stock market reaction to a renewed escalation in tensions with Iran this week is solid evidence that markets are ignoring geopolitical tensions," said Clark Bellin, president and chief investment officer of Bellwether Wealth. Chip stocks were weak. South Korean chipmaker SK Hynix, whose shares have surged this year on huge demand for memory chips, priced its American depositary receipts at $149 each. Some traders worry that the new share offering could be linked to Technology and other U.S. memory chip stocks compete for investor funds. Micron Technology fell about 3%, Micron Technology and The companies all fell by more than 1%. down nearly 3%. Broadcom is also in negative territory. The iShares Semiconductor ETF and VanEck Semiconductor ETF fell 1.2% and 0.8%, respectively. However, Meta Platforms is the bright spot in the technology sector. The stock rose 6% after Maintain a buy rating on the stock. The agency said an internal memo suggested Meta may be improving its artificial intelligence cost structure. Positive momentum from chipmakers drove gains in major U.S. stock indexes, with many investors remaining hopeful that strong earnings growth can help stocks extend gains beyond technology stocks and continue their upward march. The sentiment also spread to Asia-Pacific stocks on Friday, with South Korean shares leading gains in the region. South Korea's Kospi rose 2.5%, and Japan's Nikkei 225 closed up 1.2%. Mainland China's CSI 300 Index closed down 1.96%, dragged down by the technology and industrial sectors. In other markets, the pan-European Stoxx 600 index was last up 0.1%.