Stocks Near Records as SK Hynix Jumps, Oil Swings – US Market Wrap

Wall Street traders drove stocks higher in the countdown to earnings season, with SK Hynix surging in its debut as the market parsed the latest geopolitical developments. In the final stretch of a week of gains for equities, the S&P 500 moved closer to record highs.

American depositary receipts of the South Korean memory chipmaker jumped 13% above their offering price after a blockbuster share sale. Oil briefly climbed after President Donald Trump said the US considers the ceasefire with Iran to be over, before falling as he added that talks would continue.

Despite the advance, major benchmarks posted only mild moves on Friday. The earnings backdrop remains supportive, but concerns are building that expectations have become elevated, with investors likely to wait for confirmation before pushing markets sustainably higher, according to Mark Hackett at Nationwide.