Nasdaq Sees Sustained Gains Amid Global Economic Uncertainty

The Nasdaq composite index continued its upward trajectory, driven by strong performances from tech giants and a decline in oil prices. The benchmark index rose 1.2% to 11,421, extending its winning streak to three consecutive sessions. Oracle Corporation, the enterprise software giant, led the gains among technology stocks, surging 12.5% on news of a strategic partnership with cloud computing firm Microsoft. The stock’s market capitalization surpassed $100 billion for the first time in history, valuing it as one of the largest publicly traded companies globally. Meanwhile, Boeing Company’s shares plummeted 7.1%, becoming the worst performer among the S&P 500 constituents. The aerospace manufacturer faced fresh scrutiny over its handling of a recent engine issue and concerns about production timelines. Oil prices dropped 2.5% to $54.50 per barrel, largely due to concerns over global supply chain disruptions and ongoing tensions in the Middle East. A decline in crude oil futures fueled gains for energy-related stocks, with ExxonMobil Corporation rising 3.8% and Chevron Corporation increasing 4.1%. In other market news, Tesla Inc.’s shares rose 5.6%, driven by reports of a potential merger with rival electric vehicle manufacturer Rivian Automotive Inc. The move sent shockwaves through the automotive sector, with General Motors Company’s stock falling 2.3%.