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US stocks continued moving up overnight with the technology sector outperforming

23 March 2022 By GO Markets

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The US technology sector rose again last night and worked back the losses from the previous day of trading as the market came to grips with the Federal Reserve’s announcement surrounding interest. Tesla was a standout performer and has seen a huge rise in the last week rising more than 20% and rising 7.91% overnight. The Nasdaq moved up 1.95%. The Dow Jones was slightly weaker as commodities had mixed results, although the index was still up by 0.74% and the S&P 500 finished the session up 1.13%.

In Europe, banks and financial stocks helped power the FTSE to a solid day up 0.5% and the DAX ended up 1% with similar strength shown in the financial sector as they look to benefit from rising interest rates.

Commodities

Commodities saw relatively mixed results across the board. Gold was down 0.75% to 1920.80 as it continues to consolidate after pulling back from the highs a fortnight ago. Brent Crude Oil fell back 1.59% to USD 114.48. The commodity took a breath after rising 17.89% in the preceding three days. Natural gas has seen a breakout of its consolidation as it broke above $5.00. The spot price finished up 4.35% at $5.185.

Natural Gas daily chart

Cryptocurrency

Bitcoin had another solid session with the BTC/USD pair at $42,650 at 10.31 pm GMT. Bitcoin has continued its rally from the previous week which is up a combined total of 12.56%. Ethereum has performed even better with a 4.92 rise overnight and an 18.63% increase over the last two weeks. The price of ETH/USD is currently sitting just above $3000 at $3002.71 at 10.36 pm GMT.

FOREX

The AUD/USD has continued its move up. The price has broken out of its channel and is approaching $0.75. The EUR/USD, after selling down early in the day, the price was able to recover and then finish the day up 0.12% at $1.1029 as it continues its rally from the lows of two weeks ago. The USD/JPY is rocketing along as it approaches its long-term resistance at 125 JPY. Overnight the price broke through 120.00 JPY and closing at 120.092JPY, a 1.08% increase.

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