On Thursday the S&P/ASX 200 Index (ASX: XJO) gave back its morning gains and tumbled lower. The benchmark index fell 0.25% to 7,335.9 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 open flat
The Australian share market looks set to end the week in a subdued fashion. According to the latest SPI futures, the ASX 200 is expected to open the day flat this morning. This follows a mixed night on Wall Street which saw the Dow Jones rise 0.15%, the S&P 500 drop 0.3%, and the Nasdaq tumble 0.7% lower.
Oil prices slide
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a difficult finish to the week after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 2.2% to US$71.54 a barrel and the Brent crude oil price is down 2% to US$73.30 a barrel. Concerns over supply increases put pressure on prices.
Tech shares on watch
Australian tech shares such as Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) will be on watch today. This follows a poor night of trade on the tech-focused Nasdaq index overnight, which tumbled 0.7% despite the release of some solid quarterly results. As the local tech sector tends to follow the Nasdaq's lead, this may not bode well for today's session.
Xero given buy rating
The Xero Limited (ASX: XRO) share price could be good value according to analysts at Goldman Sachs. In response to prices increases and peer valuations, the broker has retained its buy rating and lifted its price target to $165.00. This compares to the latest Xero share price of $134.46.
Gold price rises
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) will be on watch after the gold price pushed higher. According to CNBC, the spot gold price is up 0.3% to US$1,830.10 an ounce. The precious metal hit a one-month high following dovish comments out of the US Federal Reserve.
