US equities rise for an eighth straight week as falling oil prices reduce stagflation concerns and support broader market gains.
The S&P 500 recorded its eighth consecutive weekly gain, climbing 0.88% last week, marking its longest winning streak since 2023. The advance occurred despite a 0.76% decline in the Magnificent 7 big tech stocks, which had previously risen for seven straight weeks.
Falling oil prices alleviated investor fears of a stagflationary shock, bolstering both equities and bonds across global markets. Futures pointed modestly higher after the long weekend, with S&P 500 futures up 0.62% and NASDAQ futures rising 0.85%, though slightly below pre-strike levels.
The broader market rally contrasted with recent weakness in big tech, signaling a shift in leadership. Lower oil prices were cited as a key driver for the risk-on sentiment, supporting equities on both sides of the Atlantic.