On Wednesday the S&P/ASX 200 index fought back from a heavy decline to finish the day 5 points higher at 6,136 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX futures pointing lower.
The Australian share market looks set to drop lower this morning. According to the latest SPI futures, the ASX 200 is expected to open the day a fraction lower. This follows a mixed night of trade on Wall Street which late in the session sees the Dow Jones trading flat, the S&P 500 down 0.3%, and the Nasdaq off 0.5%.
Oil prices drop.
Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) shares could come under pressure on Thursday after the oil price rebound faltered. According to Bloomberg, the WTI crude oil price has fallen 1% to US$59.36 a barrel and the Brent crude oil price dropped 0.3% to US$67.76 a barrel. An increase in U.S. stockpiles put pressure on prices.
Tech shares on watch.
Australian tech shares such as Afterpay Touch Group Ltd (ASX: APT) and Altium Limited (ASX: ALU) could come under pressure after their U.S. counterparts tumbled lower. The majority of the FAANG stocks are trading notably lower today, dragging the Nasdaq 0.5% lower.
Gold price declines.
Northern Star Resources Ltd (ASX: NST) and St Barbara Ltd (ASX: SBM) shares will be on watch today after the gold price dropped lower. According to CNBC, the spot gold price fell 0.55% to US$1,307.80 an ounce after the U.S. dollar continued to strengthen.
Payday for CBA shareholders.
Later today banking giant Commonwealth Bank of Australia (ASX: CBA) will pay its eligible shareholders its latest dividend. A fully franked $2.00 per share interim dividend is heading the way of shareholders. These funds could be reinvested back into the market today and support the benchmark index.
