US equity futures slipped Friday as traders absorbed SK Hynix’s Nasdaq debut and braced for Q2 earnings. Dow futures gained 109 points, or 0.21%, while S&P 500 futures barely moved. Nasdaq 100 futures fell 0.38%, reflecting a pullback in memory‑chip names.

SK Hynix priced its American depositary receipts at $149 each, raising $26.5 billion in what analysts call the world’s second‑largest share sale after SpaceX. The pricing signals that investors still chase AI‑related chip demand, despite recent swings in memory‑stock valuations.

Memory stocks cooled before the open: Micron fell 3.2%, Western Digital dropped 2.8%, and Seagate lost 2.7%. The slide underscores a broader hesitation to chase semiconductor gains without fresh earnings data. Middle East tensions keep oil and inflation risks in play; the New York Fed’s Williams hints that energy prices may not climb sharply, yet markets price at least one 25‑basis‑point rate hike by late 2026.

Earnings season kicks off next week. Delta Air Lines will report before the bell, offering an early gauge of consumer demand. Analysts project the S&P 500 to lift more than 24% in profits year‑over‑year, largely from tech names. Investors face a high bar: AI must sustain momentum rather than merely promise growth.