What is causing Tuesday’s market activity as US stocks aim for their longest winning streak in two years while oil prices plummet?

U.S. stocks are aiming to achieve their longest stretch of consecutive positive sessions in more than two years. At midday trading in New York, both the S&P 500 and Nasdaq 100 are trading in positive territory and are on track to record their seventh and eighth straight sessions of gains, respectively. The stock market is being supported by decreased expectations of future interest rates, with traders already factoring in four 25 basis point rate cuts by December 2024. However, mixed data from China and a significant drop in producer prices in Europe have raised concerns about a global slowdown, leading to a 4% decline in oil prices and a further decline in energy stocks.