FX.co ★ US Stocks Hold Muted Momentum

US stocks were little changed on Thursday as renewed strength in chipmakers was offset by ongoing macroeconomic uncertainty. The S&P 500 edged higher and the Nasdaq 100 added more than 0.5%, while the Dow Jones Industrial Average slightly extended the prior session’s losses.

Memory chip makers led gains as investors reassessed the speculative outlook for AI infrastructure suppliers. Sentiment was further buoyed by the planned listing of SK Hynix ADRs on Friday. The world’s largest memory producer has reportedly seen demand for the receipts at around seven times the available supply. Shares of Micron and SanDisk rose about 3%.

In contrast, more traditional sectors came under pressure after outperforming technology stocks in July. Treasury yields moved higher as tensions between Iran and the US disrupted tanker traffic in the Persian Gulf, raising concerns about potential upside risks to energy inflation.

Elsewhere, Meta shares fell 4% following reports that the company aims to begin production of its own AI chip by September.