U.S. equity markets finished the week with modest gains on Friday, extending a stretch of positive momentum that now spans three winning weeks and six straight months — the longest monthly winning streak since 2021. The Dow Jones Industrial Average rose 0.1%, the S&P 500 climbed 0.3% and the Nasdaq composite led the major indexes with a 0.6% gain, driven largely by strength in heavyweight technology names, notably Amazon.

The S&P 500’s advance on Friday brought it closer to the all-time high set earlier in the week, a development that highlights how concentrated gains among large-cap growth stocks have lately powered broader market performance. Amazon’s stock was singled out by market commentators as a primary catalyst for the day’s gains, reflecting continued investor appetite for megacap technology companies whose earnings and revenue trajectories remain central to the market’s outlook.

The streak of monthly gains reflects a resilient appetite for risk among investors despite a backdrop of uncertain monetary policy and mixed economic data. After a period of elevated inflation and aggressive Federal Reserve rate hikes, markets have been recalibrating expectations about the pace and duration of further tightening. That recalibration has tilted investors back toward equities, particularly rate-sensitive growth sectors, as the probability of near-term rate increases has been reassessed.

Market breadth, however, remains uneven. The Dow’s modest advance contrasted with stronger performance in the Nasdaq, signaling that technology and growth stocks continue to outpace more cyclical or value-oriented parts of the market. That divergence raises the possibility that headline gains may be supported by a relatively narrow group of large-cap firms, a dynamic that can amplify volatility if investor sentiment turns.

From a policy perspective, the extended rally places a premium on the next rounds of macroeconomic data and any signals from central bankers. Inflation readings, employment reports and corporate earnings will be watched closely for evidence that the economy can sustain growth without reigniting price pressures. Investors also remain sensitive to corporate guidance for the coming quarters; companies that miss expectations or trim forecasts could quickly reverse recent gains.

Longer-term, the current run of monthly gains is the most sustained stretch since the early post-pandemic rebound and speaks to a risk-on posture that has been building across markets. While the rally has pushed indexes back toward all-time highs, it also sharpens the debate among strategists about valuations and the resilience of profit margins in a higher-rate environment.

In the near term, attention will focus on upcoming earnings from other megacap firms, next week’s economic calendar and any fresh commentary from Federal Reserve officials — factors that are likely to determine whether this multi-month winning streak continues or gives way to a corrective pause.