On Thursday the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled lower. The benchmark index fell 0.4% to 7,359 points.
Will the market be able to bounce back from this on Friday? Here are five things to watch:
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ASX 200 expected to rise
The Australian share market looks set to end the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 40 points or 0.55% higher this morning. This is despite it being a mixed night on Wall Street, which saw the Dow Jones fall 0.6%, the S&P 500 edge lower, and the Nasdaq storm 0.9% higher.
Oil prices pull back
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices pulled back from multi-year highs. According to Bloomberg, the WTI crude oil price is down 1.8% to US$70.89 a barrel and the Brent crude oil price is down 1.8% to US$73.02 a barrel. Broad weakness in commodity prices weighed on prices.
Tech shares on watch
Tech shares such as Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) could be pushing higher today after a strong night by their US counterparts. The tech-heavy Nasdaq index shrugged off rate hike concerns to charge 0.9% higher. As the local tech sector has a tendency to follow the lead of the Nasdaq, this bodes well for today's trading session.
Coles still rated as a buy
The Coles Group Ltd (ASX: COL) share price is in the buy zone according to analysts at Goldman Sachs. In response to its strategy day update, the broker has retained its buy rating but trimmed its price target slightly to $19.40. It said: "Overall, although the disclosure did not offer an outlook materially divergent to our forecasts, the group remains on track to achieve the longer term deliverables with focus on sustainable growth."
Gold price sinks
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could end the week deep in the red after the gold price sank lower. According to CNBC, the spot gold price is down 4.7% to US$1,774.30 an ounce. Traders have been selling the precious metal after the US Federal Reserve brought forward its rate hike plans.
