![\"A](\"https:\/\/www.captrader.com\/wp-content\/uploads\/2026\/03\/image-4-1024x708.png\")
Rising energy prices act like an additional tax on the global economy: companies are faced with higher costs, while consumers have less purchasing power for other expenses.<\/p>\n\n\n\n
For the equity markets, this usually means a combination of weaker growth and higher inflation risks; an environment that is particularly detrimental to growth-oriented equities.<\/p>\n\n\n\n
Inflation worries and interest rate uncertainty<\/h2>\n\n\n\n
The rise in energy prices has also brought inflation back into the focus of investors. Higher oil prices can be reflected relatively quickly in rising transportation, production and ultimately consumer prices.<\/p>\n\n\n\n
Expectations regarding monetary policy reacted accordingly. The prospect of rapid interest rate cuts by the US Federal Reserve was significantly reduced over the course of the week. At the same time, yields on long-term US government bonds rose noticeably.<\/p>\n\n\n\n
These are particularly negative developments for technology shares, as higher interest rates increase the discount rate for future profits and therefore tend to depress the valuations of high-growth companies.<\/p>\n\n\n\n
Weak US economic data creates additional headwinds<\/h2>\n\n\n\n
Additional pressure came from a surprisingly weak labor market report at the end of the week. Instead of the expected increase in the number of newly created jobs, the US economy recorded a decline in employment, while the unemployment rate rose at the same time.<\/p>\n\n\n\n
The labor market data reinforces concerns that the US economy could cool down more than previously assumed. At the same time, inflationary pressure remains due to rising energy prices.<\/p>\n\n\n\n
Technical outlook<\/h2>\n\n\n\n
Despite the large amount of negative news, the price reaction of the Nasdaq 100 remained comparatively controlled. Although the index came under pressure, there was no panic selling.<\/p>\n\n\n\n
From a technical perspective, this behavior indicates a consolidation within an existing trend rather than a clear trend break. As long as the important support zone in the area of the daily EMA 200 at 24,100 points holds and there is no accelerated downward movement, the overall picture remains neutral for the time being.<\/p>\n\n\n\n The war in Iran and, in particular, the development of energy prices will very likely remain one of the dominant topics in the coming days and weeks, including for the development of the stock market. In addition, the markets are likely to focus on new inflation and labor market data this week. From a technical perspective, the key question remains whether the support levels shown in the chart above will hold or whether further downward momentum will emerge if this price zone is broken.<\/p>\n\n\n\n If the inflation risks from rising energy prices are confirmed, the expectation of future interest rate cuts could be pushed back further, leading to selling pressure on growth-oriented equities.<\/p>\n\n\n\n Conversely, a stabilization of inflation or an easing of energy prices could give the markets a little more leeway again.<\/p>\n\n\n\n![\"Candlestick](\"https:\/\/www.captrader.com\/wp-content\/uploads\/2026\/03\/image-3-1024x601.png\")
Outlook: What matters in the new week<\/h2>\n\n\n\n