Nasdaq's longest winning streak in 34 years
The Nasdaq Composite extended its run of consecutive gains to its longest streak since 1992, according to reporting from Barron's, MarketWatch, and the Wall Street Journal, capping a recovery that has gathered pace since a ceasefire reduced geopolitical tensions in the region.
The catalyst that accelerated Thursday's session was the reopening of the Strait of Hormuz, a chokepoint through which a significant share of global oil supply moves. With the waterway back in operation, crude prices fell sharply, according to Bloomberg, removing one of the more immediate inflation risks that had weighed on rate-sensitive technology stocks.
The combination of lower oil prices and diminished conflict risk effectively unwound two pressures that had compressed equity valuations in prior weeks. Technology stocks, which dominate the Nasdaq's index weight, are particularly sensitive to both energy-driven inflation expectations and the geopolitical premium embedded in risk assets.
The streak, now 34 years in the making as a record, reflects how swiftly institutional positioning can reverse when a binary geopolitical risk resolves. Whether the move is sustained will depend on whether the ceasefire holds and on forthcoming corporate earnings, which will test whether underlying demand justifies the re-rating.
