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Global Stocks Rebound, Oil Prices Slip & Coinbase is Up 10% as Markets Seemingly Make a Truce with Investors

NASDAQ up 3% as global stocks rebound

The NASDAQ was up by over 3% on Wednesday, as indices across the globe rebounded from recent losses.

Amazon and Apple were both up over 2%, as traders seemed to be buying the recent dip in tech stocks.

This comes as gold prices fell away from multi-year highs, as investors appear to be factoring in an upcoming policy change from the Fed.  

Many expect that the Federal Reserve will hike rates by 25 basis points next week, as inflation continues to be an issue to consumers across the globe.

As of writing this, the S&P 500 was up 2.59%, with Germany’s DAX trading almost 9% higher.

Oil prices slip 7% after recent highs

Crude oil prices fell by as much as 7% during today’s session, calls grow for OPEC to boost supply following the war in Ukraine.

Today’s decline in price comes as the United Arab Emirates is reportedly calling for its fellow OPEC members to increase their production, following U.S. sanctions on Russian oil.

💡 What will OPEC do?
OPEC has so far remained muted on supply increases and has watched to see how the situation between Russia and Ukraine matures

Following this week’s sanctions however, many now believe a shift in policy could be imminent.

At one point WTI crude fell to a low of $104.61, which is its lowest level so far in March.

Coinbase up 10% on ARK deal

Shares in Coinbase were higher on hump-day, as it was announced that Cathie Wood’s ARK Invest had bought over 30,000 shares in the company.

Today’s rally comes a few days after Coinbase announced that it would be removing over 25,000 Russian linked accounts from its platform.

Cryptocurrency trading volumes were also up today, following confirmation of President Biden’s executive order that will see further governmental exploration into this space.

As of writing this, $COIN was trading nearly 11% higher on the day, with a similar market exchange, Robinhood also higher.

Markets will now likely wait to see how today’s Presidential order could impact crypto’s going forward.

 “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

-Warren Buffett.

Eliman Dambell

Senior Market Analyst