United States stocks finished higher on Friday (Saturday AEST), with investors looking ahead to the start of the second-quarter earnings season, while a blockbuster U.S. debut by South Korea's SK Hynix reignited enthusiasm for artificial intelligence and memory-chip stocks.
The Dow Jones Industrial Average rose 149.6 points, or 0.3%, to 52,637.0. The S&P 500 gained 31.8 points, or 0.4%, to finish at 7,575.4, while the Nasdaq Composite added 74.7 points, or 0.3%, to 26,281.6.
For the week, the Dow slipped 0.5%, while the S&P 500 advanced 1.2% and the Nasdaq climbed 1.7%.
The AI trade returned to the spotlight after South Korean memory-chip maker SK Hynix surged 13% above its IPO price to close at US$170 in its high-profile U.S. market debut, boosting sentiment across the semiconductor sector.
Markets also extended gains after U.S. President Donald Trump said Iran had requested further talks and the United States had agreed, although he added that the ceasefire reached in June was "over".
U.S. and Iranian forces exchanged heavy missile and drone strikes over the weekend, with Tehran targeting U.S. military facilities across the Gulf on Sunday and announcing it had once again closed the strategically vital Strait of Hormuz.
Investor attention is now turning to the second-quarter earnings season, which begins this week with results from several major U.S. banks.
Chipmakers have remained among the strongest performers during this year's AI-driven rally, supported by expectations of sustained capital expenditure from hyperscale cloud providers.
However, concerns over elevated valuations and profit-taking have introduced greater volatility across the sector in recent weeks.
Meta Platforms jumped 6% to its highest level since April, while Moderna slumped nearly 11%, marking its worst single-day performance in more than a year.
Elsewhere, Delta Air Lines fell 1.8% despite forecasting third-quarter profit above analysts' expectations.
Investors will also closely monitor next week's U.S. June inflation report for further clues on the Federal Reserve's policy outlook.
Fed Chair Kevin Warsh is also scheduled to testify before the House Committee on Financial Services.
On the bond markets, the benchmark 10-year U.S. Treasury yield rose to 4.561%, while the two-year Treasury yield climbed to 4.212%.
