SK Hynix opens for U.S. trading today under ticker SKHY after raising $26.5 billion in the largest U.S. share sale by a foreign issuer, surpassing Alibaba's 2014 record. The indicative price per ADR was set at approximately $158.26, with one domestic common share split into 10 ADRs, and Korean-listed shares have soared roughly 280% year-to-date on AI-driven HBM demand — pushing market cap above $1 trillion. BofA, Citi, Goldman, and JPMorgan led the offering.

The strategic thesis is valuation compression. SK Hynix trades at 6.2 times estimated earnings over the next 12 months, versus Micron at 7 times, despite holding roughly 60% of the high-bandwidth memory market powering Nvidia's AI systems. HSBC noted in a June 2026 research note that over the past 13 years, Micron has traded at an average 35% premium to SK Hynix — a gap the ADR listing is designed to close. UBS lifted its Korean-share target to ₩3.2 million.

Bulls point to explosive 2026 earnings guidance — net profit forecast of ₩221 trillion, up 415% year-over-year — and pricing power in HBM. Bears cite the memory industry's brutal boom-bust history and Thursday's chip-sector wobble. The $149 IPO price is now the first key level for traders.

Delta Air Lines reports Q2 2026 results this morning before the open, unofficially opening earnings season for airlines. Consensus EPS of $1.48 implies a decline of 29.5% from the year-ago quarter's $2.10 per share, while revenue is expected to grow 12.8% from last year's $16.65B — a scissors dynamic driven by fuel and margin pressure after Strait of Hormuz volatility drove crude higher. Delta has topped analyst EPS estimates in each of the last four quarters, and DAL is up nearly 30.6% year-to-date versus the S&P 500's 7.5% gain.

The setup matters beyond Delta. Bank earnings hit hard next week — July 14 brings June CPI, congressional testimony from Fed Chairman Kevin Warsh, and expected reports from JPMorgan Chase, Bank of America, Goldman Sachs, Wells Fargo, and Citigroup. Meanwhile, PepsiCo posted mixed Q2 results with adjusted EPS of $2.20 per share, falling short of the $2.21 expected, setting a cautious tone for consumer discretionary.

Watch three things on the call: the summer booking curve, any full-year guidance revision, and fuel-hedge commentary after crude's spike. UBS reiterated a Buy rating and lifted its price target from 95 to 98 dollars ahead of the print. The read-through to United, American, and the broader consumer complex will drive Friday's tape.

Bitcoin climbed back above $63,000 overnight after semiconductor-led risk-on flows lifted U.S. equities. BTC stabilized near $61,700 before trending upward, breaking above $63,000 and briefly touching around $63,800, currently testing the key $64,000 resistance level, though trading volume has not expanded significantly. The Fear & Greed Index improved from 22 to 23 — still deep in extreme fear territory. ETH tracked sideways near $1,745.

ETF flows tell the real story. Bitcoin ETFs lost $84.9 million on July 8, reversing July 7's modest $21.5 million inflow after a stronger $265.7 million rebound on July 6, with BlackRock's IBIT bleeding $59.16 million, Fidelity's FBTC losing $14.88 million, and Grayscale's GBTC posting $63.69 million in outflows, offset only by $52.83 million into Grayscale's Bitcoin Mini Trust. Research cited in 2026 coverage estimates that ETF flows now account for approximately 45 percent of weekly Bitcoin price moves.

The framework for what comes next is clear. The next major test arrives July 28–29, when the Federal Reserve meets under Warsh, with June inflation data due July 14 as the critical input before then. Until flows stabilize across multiple sessions with IBIT leading, this remains a range trade.

Ethereum ETFs are quietly outperforming their Bitcoin counterparts. Spot Ethereum ETFs attracted $70.48 million in net inflows, extending their positive streak to five consecutive trading days, led by Fidelity's FETH at $69.2 million — the sharpest divergence yet from Bitcoin's flow volatility. Market participants have pointed to Ethereum's expanding role in tokenization, decentralized finance, and institutional blockchain infrastructure as factors supporting demand. The July 1 launch of Ethereum Institutional, a nonprofit backed by Joe Lubin, BitMine, and SharpLink with relationships spanning roughly $250 trillion in AUM, adds structural weight to the ETH bid.

Altcoins delivered isolated fireworks. Stellar's mainnet launched the Protocol 27 Zipper upgrade, introducing smart contract credentials and developer identity verification delegation features, with trading volume surging nearly threefold and XLM up nearly 6%. Robinhood also announced the listing of SENT spot trading, driving the token up nearly 20% on social media momentum. Total crypto market cap climbed to $2.25 trillion, up 1.9% in 24 hours.

Token unlocks warrant attention through the weekend. July 11 brings IO unlock at 3.9% of circulating supply ($2.53M), ALLO at 8.6% ($2.84M), and IMX at 1.14% ($1.20M), followed by APT's $6.78M unlock on July 12. In thin summer liquidity, these mechanical supply events can move prices more than headlines.

Overnight strikes in the Strait of Hormuz kept traders on their toes, but risk assets pushed higher Thursday on hopes the flare-up wouldn't escalate. Despite fresh overnight attacks by both sides, stocks climbed early as investors appeared hopeful the renewed hostilities wouldn't blossom into full-scale war, with chip stocks staying on the comeback trail. The energy sector outperformed on a near 5% rise in oil prices, while the 10-year Treasury yield climbed to 4.55% and the 2-year yield rose to 4.18%. President Trump told reporters overnight he isn't sure if the war is fully back on.

The macro setup is unusually delicate. New York Fed data showed consumer inflation expectations hit their highest level in almost three years last month despite falling oil prices at the time — a warning sign for anyone modeling wage-price dynamics. Fed Chairman Kevin Warsh delivers semi-annual congressional testimony on Tuesday, giving legislators a chance to glean his thoughts on future policy, followed by June CPI Wednesday.

Weekly initial jobless claims fell to 215,000, a relatively subdued level, and gold sits above $4,130/oz. Soft labor, sticky inflation, and geopolitical tail risk — a market that wants to rally but keeps finding reasons to hedge. Warsh's tone Tuesday sets the July 29 FOMC baseline.