South Korea’s SK Hynix’s blockbuster Nasdaq debut boosted optimism about memory-chip makers as investors looked forward to quarterly earnings season starting next week.

High-profile US listing SK Hynix returned to the artificial intelligence trade spotlight after opening 14% above its offering price of $170. The semiconductor company raised more than $26 billion on Thursday by selling $149 worth of American Depositary Receipts. US stocks rose after US President Donald Trump said Iran had asked for talks to continue and the US had agreed, but that the June ceasefire was “over”.

This week in the US And the attacks between Iran and Iran have revived concerns that higher energy prices could fuel higher inflation and force the Federal Reserve to raise interest rates.

Reports from major US banks will kick off the second-quarter earnings season next week. According to LSEG I/B/E/S, analysts are expecting S&P 500 earnings to rise 24% from a year earlier, with technology companies driving most of the growth.

“This is a high-bar quarter with a narrow margin of error,” said Terry Sandven, chief equity strategist at US Bank Wealth Management in Minneapolis, Minnesota. “Banks will give us a good read on underlying economic strength and what consumers and businesses are doing.”

Thanks to rising corporate profit estimates, the S&P 500 is trading at about 20 times expected earnings, down from an earnings multiple of 21 in late May, even as the benchmark trades near record highs.

Chipmakers are among the biggest beneficiaries of this year’s AI-driven rally, fueled by expectations of heavy spending by hyperscalers. But concerns about stretched valuations and profit taking have injected volatility into the sector recently.

According to preliminary data, the S&P ⁠500 rose 28.72 points, or 0.38%, to end at 7,572.36 points, while the Nasdaq Composite gained 77.52 points, or 0.25%, to close at 26,273.21. The Dow Jones Industrial Average rose 148.28 points, or 0.28%, to 52,635.69.

The meta platforms hit their highest levels since April.

Moderna suffered its worst day in a year.

Next week’s June inflation data will provide new insight into the Fed’s potential monetary policy path, when Fed Chairman Kevin Warsh is also scheduled to testify before the House Committee on Financial Services.

Delta Air Lines also fell after forecasting a third-quarter profit that beat expectations.