On Thursday the S&P/ASX 200 Index (ASX: XJO) was out of form and sank notably lower. The benchmark index fell a disappointing 1.7% to 5,328.7 points.
Will the market be able to bounce back from this on Friday? Here are five things to watch:
ASX 200 set to rebound.
The ASX 200 looks set to rebound from this decline on Friday. According to the latest SPI futures, the benchmark index is expected to jump 0.95% or 51 points at the open. This follows a wild night of trade on Wall Street which eventually saw the Dow Jones rise 1.6%, the S&P 500 climb 1.15%, and the Nasdaq push 0.9% higher.
Big four banks to rise?
Commonwealth Bank of Australia (ASX: CBA) and the rest of the big four banks could be on the rise today after their U.S. counterparts had a strong night of trade. Bank of America and JPMorgan climbed over 4%, whereas Citigroup ended the session 3.6% higher and Wells Fargo rose almost 7%.
Oil prices rocket.
It looks set to be a positive finish to the week for energy producers such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL). According to Bloomberg, the WTI crude oil price is up 10% to US$27.82 a barrel and the Brent crude oil price has jumped 7.5% to US$31.38 a barrel. A dip in U.S. stockpiles sent oil prices charging higher.
Gold price jumps higher.
Australian gold miners including Northern Star Resources Ltd (ASX: NST) and Saracen Mineral Holdings Limited (ASX: SAR) could be on the rise today after another positive night for the gold price. According to CNBC, the spot gold price is up 1.4% to US$1,739.90 an ounce. Traders have been buying the precious metal amid concerns over recession and trade war risks.
National Storage given sell rating.
The National Storage REIT (ASX: NSR) share price could come under pressure today after Goldman Sachs slapped a sell rating on the storage giant's shares. The broker expects higher unemployment and softer economic activity to lead to lower revenues in the medium term. Goldman Sachs has a $1.56 price target on the company's shares.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
