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- Nasdaq confirms a Bear market as energy prices continue to skyrocket
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- Nasdaq confirms a Bear market as energy prices continue to skyrocket
News & analysisNews & analysisNasdaq confirms a Bear market as energy prices continue to skyrocket
8 March 2022 By GO MarketsEnergy prices have continued to soar with the US indices struggling again as the West debates placing more sanctions on Russia. The Nasdaq closed 3.62% down overnight and is officially in a Bear market after falling 20% since the November 2021 highs. The Dow Jones finished down 2.37% and has also confirmed a correction as it closed down 10% from the January highs. The S&P 500 was also down 2.95%.
In Europe the FTSE finished flat, recovering most of the morning losses to end the day down 0.40% overall. The DAX also worked back some of its morning losses but still closed the day down 1.98%.
Commodities continue to boom with the threats of an embargo on Russian supplies driving the market sentiment. Oil rose to a 14 year high touching $139 a barrel for Brent Crude. However, the price did fall back to the $130 level as the day wore on. Natural gas also rocketed up 42% compared to Friday over the concerns of a shortfall if Russia were to cut off its supply to Western Europe. British Prime Minister Boris Johnson outlined that the West may need to increase Oil and Gas production reduce the reliance on Russia and enable sanctions to be implemented. The increase in supply pressure, especially in the short term may see the volatility continue. Nickel was the largest mover overnight rising an incredible 73%. Nickel miners and commodity plays on the ASX may continue to be relevant as the volatility surrounding commodities continues.
Bitcoin is trading relatively flat at the moment with BTC/USD at $38,027 at 10.00 pm GMT. Ethereum is trading at 1.94% lower at $2500 at 10.00 GMT.
FOREX
The GBP/USD fell sharply finishing down 1.01% as investors continue moving to safe-haven currencies. The EUR/USD performed marginally better dropping 0.7%. The NZD and AUD, which had been performing strongly in the prior week also tapered against both the USD and EUR. Gold continued to show strength as it hovers just below the $2000 per ounce level. The impact of the CPI figures that will be out on Friday may further impact gold prices.
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