Stock Market Today: Nasdaq Hits Longest Win Streak Since 1992 Post-Ceasfire
Business Insider • • business
Key Points:
- The S&P 500 reached a record high above 7,100, and the Nasdaq Composite extended its 13-day winning streak, the longest since 1992, following Iran's announcement that the Strait of Hormuz is "completely open" after Israel's ceasefire with Lebanon.
- Oil prices dropped significantly, with Brent crude falling 9% to $90.56 a barrel and West Texas Intermediate crude down 11% to $84.56, as fears of prolonged Middle East supply disruptions eased.
- Major US indexes surged, with the Dow rising nearly 870 points and the S&P 500 on track for a 12-day winning streak, fueled by renewed investor confidence and hopes for Federal Reserve rate cuts later this year.
- Despite the optimism, some economists caution that oil prices may not return to pre-war levels due to long-term damage to energy infrastructure in the Middle East, potentially keeping inflationary pressures elevated.
- Tech stocks led the market rally, with the iShares Expanded Tech-Software Sector ETF gaining 14% over the past week, as investors regained appetite for risk assets amid improving geopolitical conditions and reassurances from former President Donald Trump about progress toward peace.
