Stock Market Today: July 10, 2026 — SK Hynix's $26.5B Debut Steals the Show

The Stock Market Today: July 10, 2026

US equities closed modestly higher Friday to cap a winning week, even as small-caps lagged and Thursday's chip-led leadership gave way to a rotation into materials, staples, and communication services. The S&P 500 gained 31.75 points, or 0.42%, to close at 7,575.39. The Nasdaq Composite added 74.72 points (0.29%) to finish at 26,281.61. The Dow Jones Industrial Average rose 149.60 points (0.29%) to 52,637.01. The small-cap Russell 2000 was the lone decliner among the majors, falling 14.73 points (0.49%) to 2,977.81.

Dominant theme: SK Hynix's record $26.5 billion Nasdaq debut and Meta's new AI-cloud ambitions carried the mega-cap/AI trade, but sector leadership rotated away from Thursday's chip rally into materials and defensives, and small-caps couldn't keep pace.

VIX & Sentiment — July 10, 2026

The VIX eased to 15.61, down 0.23 points (-1.45%), extending Thursday's sharp pullback from 16.90 as fears of a fresh Iran escalation kept fading. The 10-year Treasury yield slipped to 4.55%, little changed, as the bond market finished digesting a heavy week of Treasury supply and Wednesday's FOMC minutes. The US Dollar Index (DXY) eased to 100.79, down roughly 0.13%, as traders continued weighing the Fed minutes against this week's mixed labor data.

Commodities drifted lower. WTI crude (CL=F) settled at $71.41/barrel, down 0.46%, extending its retreat from Wednesday's Iran-driven spike toward $74.79 even as tanker traffic through the Strait of Hormuz stayed depressed. Gold (GC=F) slipped to $4,112.62 an ounce, down 0.47%, as the firmer tone in risk assets capped the metal's safe-haven bid.

July 10, 2026 Sector Performance

Materials, staples, and communication services led the tape while healthcare was the only sector in the red — a clear rotation out of Thursday's tech-led leadership. YTD figures below are total returns (dividends reinvested) through the July 10 close.

July 10, 2026 Biggest Stock Movers

SK Hynix (+14% on debut) opened at $170 in its first day of when-issued trading on the Nasdaq, a 14% pop above its $149 offering price. The $26.5 billion raise is the largest ADR listing by a foreign company in US history, with demand reportedly running roughly 7x the shares available. Regular-way trading under the permanent ticker SKHY begins Monday.

Meta Platforms (+6.6% to ~$673) extended its rally after unveiling Meta Compute, a new cloud infrastructure unit that will sell AI computing power and models directly, putting Meta in the same conversation as AWS, Azure, and Google Cloud. The move came even as Meta faces a potential EU fine of up to 6% of global annual revenue over findings that Instagram and Facebook's "addictive" design features breach the bloc's digital services law.

EquipmentShare (+14.3% to $18.28) jumped after raising its full-year 2026 outlook — revenue guidance to $5.25-5.68 billion and adjusted EBITDA to $1.95-2.06 billion — and authorizing a new $500 million share buyback effective through 2028.

WD-40 (gapped up premarket, +15%) rallied after Thursday's postmarket Q3 report blew past estimates: non-GAAP EPS of $2.33 versus a $1.57 consensus, and net sales of $195.1 million, up 24% year-over-year against a $176.2 million estimate.

Micron (-1.6%) slid as capital rotated into SK Hynix's debut, with SK Hynix's roughly 56% share of the high-bandwidth-memory market underscoring the fresh US-listed competition for Micron's AI-memory business.

Macro & Policy

Markets largely looked past lingering Middle East risk Friday, even as tanker traffic through the Strait of Hormuz remained well below its historical norm following this week's Iran tensions — a contrast to Thursday's more acute reaction to the same headlines. Wednesday's FOMC minutes, the first released under Fed Chair Kevin Warsh, continued to color sentiment; Warsh reiterated that "inflation has been running well ahead of the Fed's long-stated inflation goal of 2 percent," keeping rate-cut expectations in check. The dollar's modest slide to 100.79 reflected traders further digesting that inflation messaging alongside the week's labor-market data.

July 10, 2026 Earnings Highlights

Delta Air Lines reported Q2 EPS of $1.56, beating consensus by a nickel, while revenue of $17.67 billion missed estimates by 0.53%. It's the airline's seventh straight quarter of positive earnings surprises, a datapoint watched closely as a read on summer travel demand.

WD-40 posted the day's biggest earnings-driven reaction: Q3 non-GAAP EPS of $2.33 versus $1.57 expected, sales up 24% to $195.1 million, and raised full-year guidance to $675-690 million in net sales (10-12% growth), alongside a new $100 million buyback authorization.

What to Watch Next Week

• Monday, July 13: SK Hynix begins regular-way Nasdaq trading under its permanent ticker, SKHY, after Friday's when-issued session under SKHYV.
• Tuesday, July 14: June CPI lands at 8:30 a.m. ET — the first major inflation print since Chair Warsh's hawkish-leaning FOMC minutes — alongside the NFIB Small Business Index and ADP employment data. Fed Chair Kevin Warsh also delivers his first congressional testimony on monetary policy.
• Q2 bank earnings kick off Tuesday: JPMorgan Chase, Wells Fargo, Bank of America, Citigroup, and Goldman Sachs report, followed by Morgan Stanley and BlackRock Wednesday alongside Johnson & Johnson and United Airlines.
• Thursday, July 16: June Retail Sales, weekly Initial Claims, and the Philly Fed Index headline the data calendar, with earnings due from Netflix, UnitedHealth Group, and Abbott Laboratories.