Nickel prices soaring upward of 100% in a day, disrupting the leading metal exchange. Crude oil climbing 30% in two weeks to the highest point since 2008. Major stock indexes swinging by 8% in a session on the vaguest whiff of optimism.
Wall Street has been treated to intense volatility in the period since Moscow launched its invasion of Ukraine, with tough sanctions on Russia—a major producer of critical commodities—sending the market into turmoil. Higher prices have stoked inflationary fears and raised the risk of widespread economic disruption, including a recession in Europe.
Some of the moves across stocks and commodities are mind-boggling. Markets are evidently in turmoil—but are they broken?
At a high level, thankfully, the answer appears to be no.