US stocks edge higher in early trading, S&P 500 set for longest weekly winning streak since 2023

The market's anticipation that the US and Iran will reach an agreement and transform a fragile ceasefire into lasting peace has boosted Wall Street's optimism. After rebounding about 18% from the war-induced lows, the S&P 500 Index is expected to post its eighth consecutive week of gains. The conflict has lasted nearly three months, and Tehran is considering the latest proposal submitted by the US. Pakistan has stated that its Army Chief, Asim Munir, is heading to Tehran, suggesting progress in ceasefire negotiations. Qatar's negotiating delegation has arrived in Tehran after coordinating with the US to help broker an agreement.Investors are disregarding macro-level adverse factors and instead are responding positively to optimistic statements about the prospect of peace. Craig Johnson from Piper Sandler noted that this has become a bullish factor for the stock market, saying, "The market is showing a rebound driven by hope."