The New York Stock Exchange collapsed, with the U.S. NASDAQ plunged by 3% on the 7th of March. This is due to growing fears that Russia’s prolonged invasion of Ukraine will slow economic growth due to inflation stemming from Western energy sanctions. The global capital market and the raw material market are showing extreme fluctuations.
The New York Stock Exchange’s Dow, which opened Monday, closed at 32.817.38, down 2.37% from the previous day. Dow entered the rowing ground on the 4th of last month, falling more than 10% from its previous high point.
The Standard & Poor’s 500 index fell 2.95 percentage points to 4,201.08, while the technology-oriented NASDAQ index plunged 3.62 percent to 12,830.96. The S&P 500 and NASDAQ have already entered the mediation center.
International oil prices, which stood at nearly $140 a barrel on the 6th, calmed down somewhat on the same day. On the 7th, West Texas Intermediate (WTI) closed at $119.40 a barrel, up 3.2% from the previous day on the New York Commercial Exchange. It soared to $130.50 the night before and returned a large portion of the surge. In London ICE, May water Brent oil went to $139.13 on the 6th and fell to around $120 on the same day.
The news that Germany pulled out amid fears of Russian energy sanctions in the West and the U.S. decided to review easing sanctions on Venezuela’s oil embargo and discuss increasing production with Saudi Arabia slowed the surge in oil prices. However, oil prices are likely to soar again as the U.S. Congress is expected to deal with a bill to import Russian crude oil as early as the 8th.
Meanwhile, nickel prices nearly doubled (90%) on the London Metal Exchange on concerns over a supply disruption made in Russia, the highest ever at $55,000 per ton. Nickel is used for stainless steel and electric vehicle batteries, and Russia accounts for 10% of the world’s demand. In this way, raw materials and food prices supplied by Russia are showing great volatility.
Gold prices, a safe asset, surpassed $2,000 during the day and closed at $1955.90.
