On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled notably lower. The benchmark index fell 0.7% to 7,390.1 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
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ASX 200 expected to rebound
The Australian share market looks set to rebound on Wednesday following a strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 53 points or 0.7% higher this morning. In late trade in the United States, the Dow Jones is up 0.3%, the S&P 500 is up 0.6%, and the Nasdaq is trading 1.1% higher.
Inghams shares given buy rating
The Inghams Group Ltd (ASX: ING) share price was sold off on Tuesday after the release of a disappointing trading update. The team at Goldman Sachs appears to see this as a buying opportunity for investors. This morning the broker retained its buy rating but trimmed its price target to $3.90. Goldman said: "We remain Buy-rated on ING as we are attracted to its relatively defensive revenue stream; duoploy industry structure; strong balance sheet and undemanding valuation."
Oil prices storm higher
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a good day after oil prices stormed higher. According to Bloomberg, the WTI crude oil price is up 3.5% to US$80.95 a barrel and the Brent crude oil price has risen 3.3% to US$83.55 a barrel. Easing Omicron concerns boosted prices.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price pushed higher. According to CNBC, the spot gold price is up 1.15% to US$1,819.60 an ounce. Traders were bidding the gold price higher after the US dollar and US Treasury yields softened.
Tech shares on watch
It could be a much-needed good day for tech shares including Afterpay Ltd (ASX: APT) and Altium Limited (ASX: ALU) after US tech stocks rebounded. As the local tech sector tends to follow the Nasdaq index, its gain of 1.1% on Wall Street bodes well for Aussie tech shares on Wednesday.
