US stocks had a bit of a hiccup on Wednesday but recovered some poise in halving that drop in trading yesterday. As such, this puts Wall Street on course for eight straight weeks of gains. That will match the longest streak since 2017 and if my records are right, you have to go all the way back to 2004 to see a stretch of nine straight weeks of gains for the S&P 500.
That being said, it is a bit of a buzzkill that this run of gains is coming as we’re heading into the holiday season in markets. Will that take the wind out of the market’s sail come the new year? That is hard to say, especially since we’ve already priced in a considerable amount of rate cuts and we’re approaching a technical top in the S&P 500:
S&P 500 weekly chart
The Dow is already trading at record highs but tech stocks have yet to fully joined in on the enthusiasm. The Nasdaq itself is still some 8.3% away from its own record high and that is keeping the S&P 500 just barely making a breakout of its own for now.
US futures are pointing slightly lower so far today but unless the selling picks up later, Wall Street may look to make it 8 for 8 ahead of the holidays and tee up a potential breakaway run to start the new year.