Nasdaq Hits New High as Oil Prices Continue Downward Streak

The Nasdaq index reached a new high on Tuesday, driven by positive momentum around artificial intelligence and declining global oil prices. The US-China leaders' summit in Washington later this week is also on investors' minds.

Oil prices have been falling for five days, with Brent and WTI crude futures both below $100 a barrel. This is the longest downward streak for both benchmarks in over a year.

While analysts estimate that up to half of the US inflation overshoot is due to elevated energy and commodity prices, a sustained decline in oil prices could impact market rate hike expectations across the developed world.