Nasdaq Extends Winning Streak to 10 Days as Oil Slides Below $100 on Iran Diplomacy Hopes

The Nasdaq Composite climbed for a tenth consecutive session on Wednesday, marking its longest winning streak in years as investors grew more optimistic about easing inflation pressures and a potential breakthrough in Iran nuclear negotiations that helped push oil prices lower.

Oil prices fell below the critical $100-per-barrel threshold after both the United States and Iran signaled a renewed willingness to resume diplomatic talks over Tehran's nuclear program. A deal, if reached, could eventually bring additional Iranian crude supply back to global markets, relieving some of the energy price pressure that has weighed on consumers and businesses alike.

Brent crude dropped roughly 2% to trade just below $99 a barrel, while West Texas Intermediate also dipped under the $100 mark. Energy stocks felt the pressure of falling prices, with the S&P 500 energy sector among the session's underperformers even as the broader index edged modestly higher.

The Nasdaq's 10-day rally has been fueled largely by a rebound in beaten-down technology shares, as investors bet that the Federal Reserve may be nearing the end of its aggressive interest rate hiking cycle. Growth stocks, which are particularly sensitive to interest rate expectations, have led gains throughout the streak.

Traders are keeping a close eye on upcoming economic data, including fresh inflation readings and labor market figures, which could either reinforce or undermine the narrative that the Fed is close to a policy pivot. Several Fed officials have cautioned in recent days that the central bank remains committed to bringing inflation back to its 2% target.

Market strategists noted that while the Nasdaq's momentum is impressive, investors should remain cautious. Earnings season is approaching, and corporate guidance will be scrutinized for signs of how businesses are coping with still-elevated costs, slowing consumer demand, and tightening credit conditions.

Elsewhere in markets, the U.S. dollar weakened slightly on the prospect of easing geopolitical tensions, while gold edged higher. Treasury yields held relatively steady as bond investors await more clarity on the Fed's next moves.

As the session progressed, market participants remained broadly optimistic but watchful, balancing the Nasdaq's technical momentum against a backdrop of persistent macroeconomic uncertainty and geopolitical risk that could quickly shift sentiment.