(Bloomberg) -- A rally in big tech drove stocks to their longest winning streak in two years, with investors shrugging off the latest attempts from Federal Reserve speakers to tone down Wall Street’s dovish bid.

After a series of twists and turns in the first hour of trading, the S&P 500 pushed decidedly higher, gaining for a seventh straight day and approaching the key 4,400 mark. The Nasdaq 100 climbed almost 1%, with Microsoft Corp. rising to a record and cloud-software shares soaring. Bets on a Fed pivot next year sent bond rates sharply down, with the 10-year yield dropping below 4.6%. Oil sank over 4% to settle near $77 a barrel.

Read: Wall Street Starts Dreaming About Fed Cuts Again: Surveillance

Global equities are poised for a double-digit rally in 2024 if the Fed pivots its monetary policy and allows the economy to avoid a recession, according to HSBC Holdings Plc strategists. The S&P 500 rose in price an average 13% in the nine months after the last rate hike in the past three decades, said Sam Stovall, chief investment strategist at CFRA and author of “The Seven Rules of Wall Street.”

“The recent move in stocks is consistent with our view that investor pessimism had been overdone,” said Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management. “While we continue to see near-term headwinds for equities, we believe conditions are in place for positive total returns over the next six to 12 months.”

The rally in equities came on the heels of a growing list of macroeconomic concerns — with the recovery leaving some investors wondering whether the markets will continue to climb a “wall of worry,” said Fawad Razaqzada at City Index and Forex.com. Lauren Goodwin at New York Life Investments, says the Fed may be done with rate hikes, but she’s concerned that the relief we are seeing in the markets is only a “stop en route to recession.”

Equities advanced even after some central bank officials emphasized that bringing inflation fully down to the 2% goal is their main focus. Fed Bank of Minneapolis President Neel Kashkari said policymakers have yet to win the fight against inflation and they will consider more tightening if needed. His Chicago counterpart Austan Goolsbee said officials don’t want to “pre-commit” decisions on rates.

Several of the US central bank’s more hawkish policymakers signaled that the cumulative tightening of financial conditions since July — with yields on 10-year Treasury bonds up more than 100 basis points — could have a dampening effect on the economy, though they want more time to see if it will last.

Fed Governor Christopher Waller called the run-up in yields an “earthquake” for the bond market, while Governor Michelle Bowman said it was too soon for officials to know what the full effects of the recent rise will be.

“We’ll be especially attentive to policymakers’ thoughts around the recent shifts in financial conditions and what a nearly 50 basis-point drop in 10-year yields and a strong rebound in equity valuations could mean for the path of monetary policy,” said Ian Lyngen, head of US rates strategy at BMO Capital Markets.

Corporate Highlights:

• EBay Inc. issued a bleak revenue outlook for the busy holiday quarter, suggesting the company continues to struggle as it loses shoppers to larger rivals such as Amazon.com Inc. and Walmart Inc.
• Rivian Automotive Inc. ended an exclusivity agreement with Amazon.com Inc. for access to its battery-electric vans and raised its forecast for overall production this year.
• Robinhood Markets Inc. reported net revenue for the third quarter that missed the average analyst estimate.
• In a rare move, Apple Inc. hit pause on development of next year’s software updates for the iPhone, iPad, Mac and other devices so that it could root out glitches in the code.
• UBS Group AG reported stronger-than-expected client inflows in its wealth-management business, boosted by the first signs of stabilization at Credit Suisse as it carries out an expensive and complex integration of its former rival.
• D.R. Horton Inc. reported worse-than-expected quarterly orders as soaring mortgage rates hit demand.
• Datadog Inc. soared after the cloud-software company reported third-quarter results that beat expectations and raised its full-year forecast.
• Uber Technologies Inc. gave a mixed picture of its business, showing a second consecutive profitable quarter and an increase in demand for rides and delivery but also slowing revenue growth.

Key events this week:

• Eurozone retail sales, Wednesday
• Germany CPI, Wednesday
• BOE Governor Andrew Bailey speaks, Wednesday
• US wholesale inventories, Wednesday
• New York Fed President John Williams speaks, Wednesday
• Bank of Japan issues October summary of opinions, Thursday
• BOE chief economist Huw Pill speaks on the economy, Thursday
• US initial jobless claims, Thursday
• Fed Chair Jerome Powell participates in panel on monetary policy challenges at the IMF’s annual research conference in Washington, Thursday
• Atlanta Fed President Raphael Bostic and his Richmond counterpart Tom Barkin speak, Thursday
• UK industrial production, GDP, Friday
• ECB President Christine Lagarde participates in fireside chat, Friday
• US University of Michigan consumer sentiment, Friday
• Dallas Fed President Lorie Logan and her Atlanta counterpart Raphael Bostic speak, Friday

Some of the main moves in markets:

Stocks

• The S&P 500 rose 0.3% as of 4 p.m. New York time
• The Nasdaq 100 rose 0.9%
• The Dow Jones Industrial Average rose 0.2%
• The MSCI World index fell 0.1%

Currencies

• The Bloomberg Dollar Spot Index rose 0.3%
• The euro fell 0.2% to $1.0696
• The British pound fell 0.4% to $1.2294
• The Japanese yen fell 0.2% to 150.44 per dollar

Cryptocurrencies

• Bitcoin rose 1.7% to $35,614.85
• Ether rose 0.4% to $1,900.76

Bonds

• The yield on 10-year Treasuries declined seven basis points to 4.57%
• Germany’s 10-year yield declined eight basis points to 2.66%
• Britain’s 10-year yield declined 11 basis points to 4.27%

Commodities

• West Texas Intermediate crude fell 4.2% to $77.44 a barrel
• Spot gold fell 0.5% to $1,968.81 an ounce

This story was produced with the assistance of Bloomberg Automation.

--With assistance from Sagarika Jaisinghani, Julia Fanzeres and Mia Gindis.

©2023 Bloomberg L.P.