Traders work on the floor of the New York Stock Exchange (NYSE) on July 09, 2026, in New York City.

Spencer Platt | Getty Images

The S&P 500 rose on Friday, bolstered by a couple Big Tech names, with the index on track for a weekly gain.

The broad market index moved up 0.3%, while the tech-heavy Nasdaq Composite added 0.2%. The 30-stock Dow Jones Industrial Average added 144 points, or 0.3%.

Nvidia supported the S&P 500's move higher, rising more than 3%. Meta Platforms was another bright spot in tech, as the stock jumped 5% and was on pace for its best week since early 2024. That's after Bank of America maintained its buy rating of the name and said an internal memo that was reviewed by Reuters suggests that Meta is potentially improving its artificial intelligence cost structure.

The S&P 500 is currently pacing for a roughly 1% advance on the week. The Nasdaq is also poised to finish the period higher, tracking for a gain of more than 1%. The Dow, on the other hand, has fallen less than 1% this week.

South Korean chipmaker SK Hynix made its U.S. debut Friday, opening at $170 on the Nasdaq and last trading up around 15%. The American depository receipts of the company, which exploded higher this year on the massive demand for memory, were priced at $149 each. Some traders worry the new offering may compete for investor funds with U.S. memory stocks like Micron Technology.

South Korean stocks led gains in the Asia-Pacific equity markets on Friday ahead of the debut. The Kospi added 2.5%, while Japan's Nikkei 225 closed 1.2% higher. Mainland China's CSI 300 closed 1.96% lower, dragged by the technology and industrials sectors. Elsewhere, the pan-European Stoxx 600 index closed just above the flatline.

While chip stocks have seen some pressure recently, they've had a massive run-up this year. In 2026, Micron has already surged more than 200%. Lam Research, Marvell Technology and Intel have all more than doubled year to date.

"There's been so much euphoria around the AI boom going all the way back to the summer of 2023," said Eric Parnell, chief market strategist at Great Valley Advisor Group. "We're clearly in a boom phase right now, but I do have genuine concerns about some sort of bust coming in the second half of the year."

The moves come after U.S. stocks rallied on Thursday, aided by cooling oil prices after President Donald Trump said that Iran called to make a deal. Qatar and Pakistan are trying to bring Washington and Tehran back into negotiations, officials from the countries told MS Now.

An administration official said the two sides will continue "technical talks" even following air attacks from both sides, MS Now reported Thursday, adding that the U.S. is committed to finding a solution to the Middle East conflict.

Trump had said earlier this week that the ceasefire between the U.S. and Iran was over.