On Tuesday, the S&P/ASX 200 Index (ASX: XJO) ended its winning streak with a very small decline. The benchmark fell 1.9 points to 7,386.3 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to rebound
The Australian share market looks set to bounce back on Wednesday despite a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 15 points or 0.2% higher this morning. In late trade on Wall Street, the Dow Jones is down 1%, the S&P 500 is down 0.2%, and the Nasdaq is up 0.1%.
Oil prices mixed
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.15% to US$79.74 a barrel and the Brent crude oil price has risen 1.1% to US$85.40 a barrel. Oil prices hit two-week highs at one point on Chinese demand optimism.
Rio Tinto named as a buy
The Rio Tinto Ltd (ASX: RIO) share price is in the buy zone according to analysts at Goldman Sachs. In response to the miner's quarterly update, the broker reiterated its buy rating and lifted its price target to $134.40. Goldman notes that the miner delivered "record 4Q Pilbara production, [and] group production to lift ~8% in 2023."
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could come under pressure today after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.7% to US$1,907.8 an ounce. Traders may have been taking profit after the precious metal hit a multi-month high.
JB Hi-Fi shares rated as a buy
The JB Hi-Fi Limited (ASX: JBH) share price may be good value after its trading update. That's the view of analysts at Morgans, which have retained their add rating with an improved $53.00 price target. The broker commented: "Although trading conditions will be more difficult in 2H23, we believe JBH is well placed to ride out the turbulence and deliver shareholder value over the medium-term."
