Investors have driven the Nasdaq to a 10‑session rally, its longest daily gain stretch since November 2021, lifting the tech‑heavy index about 14%. The surge comes as oil prices fell and Wall Street banks announced blockbuster earnings, reviving optimism about U.S. economic strength.

A tentative peace outlook for the Strait of Hormuz eased geopolitical risk, allowing the S&P 500 to claw back wartime losses and sit just 0.2% shy of its January 27 record. Meanwhile, the Dow lagged, its energy‑laden constituents posting a modest 0.7% gain as oil‑related concerns linger.

Bank earnings underscored resilient consumer borrowing and spending, bolstering expectations that corporate profits can offset lingering war‑driven headwinds. “The market only seems to care that the Strait will be open in the future,” said Brad Conger, CIO at Hirtle Callaghan, highlighting the short‑term sensitivity to any further closures.

Tech stocks have been the primary beneficiaries, fueled by an AI‑driven computing‑power race that spurs demand for chips, servers and memory. The rally demonstrates how a combination of easing geopolitical tension and strong earnings can propel equity markets toward new highs.