The S&P 500 has had its longest winning streak since October – US Market Wrap

Wall Street traders pushed stocks higher as oil prices fell after Israel agreed to direct negotiations with Lebanon, strengthening hopes that a US ceasefire accord may hold.

Equities extended their gains for the seventh consecutive day, with the S&P 500 posting its best winning streak since October. This is despite a drop in software stocks. US crude stabilised near $98 on hopes of a de-escalation in strikes that have forced Iran to keep the Strait of Hormuz mostly closed.

After agreeing to a two-week ceasefire, the US and Iran prepared for peace talks in Pakistan, but issues such as Israel’s offensive in Lebanon and the opening of the Strait of Hormuz remained unsolved.

Israeli Prime Minister Benjamin Netanyahu has agreed to hold direct discussions with Lebanon, with an emphasis on disarming Tehran-aligned Hezbollah. Trump has called for a reduction in strikes to enable the outcome of discussions with Iran, according to NBC.