CNBC — 2026-07-11#

Lead Story#

South Korean memory giant SK Hynix debuted its ADRs on the Nasdaq in a massive $29 billion offering, marking the largest foreign IPO in U.S. market history and triggering an immediate capital rotation across the semiconductor sector.

Markets & Economics#

The Dow Jones Industrial Average briefly surged past 53,000 for the first time before retreating on the week, as renewed U.S.-Iran hostilities pushed WTI crude prices back to $76 a barrel and lifted the 10-year Treasury yield to its highest level since May. Despite the geopolitical and energy-driven volatility, the tech-heavy Nasdaq still managed a 1.74% gain for the week while the S&P 500 rose 1.23%. On the domestic policy front, the newly enacted 21st Century ROAD to Housing Act aims to tackle record-high housing costs by expanding supply, easing regulatory barriers, and restricting single-family home purchases by large institutional investors.

Business & Earnings#

Delta Air Lines beat second-quarter estimates with adjusted EPS of $1.56 on $17.67 billion in revenue, but shares slipped 3% premarket as investors digested the report. In the tech space, Meta Platforms rallied 15% for the week after unveiling new AI generation models and signaling plans to monetize its compute power by launching a cloud computing business. Apple also expanded its partnership with Broadcom, securing a new multiyear deal expected to exceed $30 billion for U.S.-made connectivity chips and custom ASIC silicon products. Meanwhile, AstraZeneca’s reputation as an invincible pharma powerhouse took a hit after its rare heart disease drug Wainua failed a late-stage clinical trial, sending its shares tumbling 6% on Thursday.

Investing & Commentary#

On “ETF Edge,” ETF Action’s Mike Akins urged investors to look beyond mega-cap semiconductors and rotate into overlooked software and cloud computing names that offer strong growth at discounted valuations. Akins also flagged the relatively flat Magnificent Seven index as a compelling catch-up trade for the second half of the year. For traders eyeing the SK Hynix debut, Jeff Kilburg recommends a bearish call credit spread on Micron to fade the massive call skew and capitalize on shifting capital away from the U.S. memory chip proxy. Additionally, Bank of America analysts named Spotify and IBM as top buy-rated picks with significant upside potential ahead of their upcoming earnings reports.

Also Worth Watching#

• How the new housing reform aims to make homes more affordable: A quick breakdown of how the 21st Century ROAD to Housing Act aims to alleviate the 4 million home supply deficit.
• Why everyone’s so obsessed with ‘maxxing’ right now: Mental health experts warn about the psychological and physical toll of extreme hyper-optimization trends sweeping social media.
• UAE defense firm EDGE Group wants to turn homegrown military tech into a global business: CEO Hamad Al Marar discusses scaling the UAE’s defense industry capabilities amid regional conflicts and testing.