Market Finishes Week On Longest Win Streak Since 2024

The market just posted its sixth straight winning week, the longest winning streak since 2024. The S&P 500 and Nasdaq closed at fresh all-time highs, the jobs report blew past expectations, and oil pulled back as Iran briefly reopened the Strait of Hormuz. It has been a remarkable run, and the momentum is real. This week, the focus shifts to inflation. April CPI arrives Tuesday, Kevin Warsh is expected to be confirmed as the new Federal Reserve chair before Friday, and Jerome Powell steps down on May 15. A lot can happen in five days.

Data sources: Yahoo Finance, CNBC, Reuters, Investing.com, as of May 8, 2026 close. Past performance is not indicative of future results.

The week delivered on almost every front. The jobs report beat expectations handily, stocks hit fresh record highs for the sixth straight week, and oil pulled back as Iran briefly opened the Strait of Hormuz. The Nasdaq led all indexes with a gain of more than 4%, its best week in months. Here is what the data actually showed:

The Iran situation remains the most important variable. President Trump confirmed the ceasefire is intact, but renewed clashes near the Strait of Hormuz on Friday served as a reminder that the situation could shift quickly. Oil markets reacted to every headline, and that pattern could continue this week. On the Federal Reserve front, the DOJ dropped its investigation of Chair Powell on Friday, clearing the way for a Senate vote on Kevin Warsh’s nomination as early as this week. A leadership transition at the Federal Reserve, in the middle of a war-driven inflation spike, is genuinely significant and worth paying close attention to.

This week has two things that could move markets significantly: the April CPI report on Tuesday and the expected Senate confirmation vote on Kevin Warsh as the new Federal Reserve chair. Either one could change the tone for the weeks ahead.

The CPI report on Tuesday is the week’s most important data point. Energy prices have been the primary driver of inflation, so the April number could run hot simply because of higher gas prices. What markets will focus on is the core reading, which strips out food and energy. If core CPI remains relatively contained, it suggests the inflation problem may still be manageable. If core prices accelerate, the new Federal Reserve chair walks into a much more difficult situation on day one.

The Warsh confirmation is the other event worth watching closely. Markets have been generally comfortable with the transition, but any signal that the new chair may be more aggressive on rates, in either direction, could move bond markets. Retail Sales on Wednesday will also give an early read on whether consumers kept spending in April despite higher gas prices. Also worth monitoring: President Trump is visiting China this week, and any development related to the Iran conflict or trade could quickly become the dominant story.

Six straight winning weeks. Fresh all-time highs. A jobs report that beat expectations by nearly double. An oil price that finally showed some signs of pulling back. There is a lot to feel good about in this market right now, and we think it is worth acknowledging that before we talk about anything else. The economy has proven more resilient than almost anyone expected when the war began, and the earnings season just confirmed that corporate America is in good shape heading into the second quarter.

The question we keep coming back to is this: with the market up more than 14% from its March lows and sitting at all-time highs, how much of the good news is already priced in? Oil is still above $100. Inflation is still running above the Federal Reserve’s target. And the Federal Reserve is about to get a new chair at a moment when the path forward on interest rates is genuinely uncertain. None of that means the rally is over. It does mean this is a time to be thoughtful rather than complacent.

The Peter Lynch quote at the top of this newsletter is one we think about a lot right now. A lot of investors have been waiting for a pullback before getting comfortable. That instinct is understandable, but history suggests it is rarely rewarded. The market is not waiting for confidence. It is rewarding those who maintained it. We are positioned thoughtfully, watching the inflation data and the Iran situation closely, and will keep you informed every step of the way.

This Friday, Jerome Powell chairs his final Federal Reserve meeting and hands the keys to Kevin Warsh. It is the biggest leadership transition at the Federal Reserve in years, arriving in the middle of a war-driven inflation spike. We do not expect dramatic policy changes immediately, but the tone and direction of monetary policy could begin to shift. We are watching this closely on your behalf.

If you have any questions about your portfolio or what any of this means for your specific situation, please don’t hesitate to reach out to your CIAS Investment Adviser Representative. We are here to help you navigate these markets with confidence.

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