US stocks hit eight-week winning streak despite inflation and oil risks
U.S. stocks extended their winning run for an eighth consecutive week, marking the longest streak since 2023. Major indices climbed as investors reacted to strong corporate earnings, though concerns over inflation and oil market instability lingered in the background. The S&P 500 inched up by 0.4%, moving closer to its record high. The Dow Jones industrial average followed with a 0.6% gain, while the Nasdaq composite added a modest 0.2%. Retailer Ross Stores led individual performers, surging 8.1% after reporting better-than-expected profits and revenue.
Elsewhere, Estee Lauder shares jumped 11.9% after the company called off merger discussions with Spanish beauty firm Puig. Tech stocks also saw gains, with Workday and Zoom Communications rising on the back of robust earnings reports. Yet not all signals were positive. Consumer confidence hit a fresh low as inflation worries deepened, with expectations for price rises over the next year climbing to 4.8%. In bond markets, the 10-year Treasury yield dipped slightly to 4.56%, though it remains higher than pre-war levels. Meanwhile, oil prices fluctuated amid uncertainty over the reopening of the Strait of Hormuz, a critical shipping route.
The stock market’s eight-week rally reflects optimism from strong corporate results, but economic headwinds persist. Rising inflation expectations and volatile oil prices continue to weigh on broader economic sentiment. Investors now watch closely for further signals on consumer spending and global trade stability.
