On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a decline. The benchmark index fell 0.4% to 6,539.9 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
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ASX 200 expected to jump
The Australian share market looks set to start the week on a very positive note after a strong finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 96 points or 1.5% higher this morning. On Wall Street, the Dow Jones was up 1.05%, the S&P 500 rose 1.05%, and the Nasdaq climbed 0.9%.
Oil prices rise
Energy producers Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a good start to the week after oil prices rose strongly on Friday. According to Bloomberg, the WTI crude oil price climbed 2.5% to US$108.43 a barrel and the Brent crude oil price climbed 2.4% to US$111.83 a barrel. Supply outages in Libya and expected shutdowns in Norway boosted prices.
Good day expected for tech sector
It could be a good day of trade for the Block Inc (ASX: SQ2) share price and other tech shares on Monday. This follows a positive night of trade for the tech-focused Nasdaq index on Friday. Over on the NYSE, the Block share price rebounded from recent selling and rose a sizeable 4%.
Iron ore price falls
BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) shares will be in focus today after a pullback in the iron ore price. According to Metal Bulletin, the benchmark iron ore price dropped 4.3% to US$113.90 a tonne. This led to the NYSE listed BHP share price falling almost 4% on Friday night.
Gold price edges lower
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a soft start to the week after the gold price edged lower on Friday night. According to CNBC, the spot gold price was down 0.3% to US$1,801.5 an ounce. This led to gold recording another small weekly decline.
