On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and charged notably higher. The benchmark index rose 0.85% to 7,357.8 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
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ASX 200 expected to fall
The Australian share market appears to have run out of steam on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 23 points or 0.3% lower this morning. This follows a poor night on Wall Street, which saw the Dow Jones fall 0.7%, the S&P 500 drop 0.5%, and the Nasdaq edge 0.15% lower.
Oil prices drop
It could be a subdued session for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 1.2% to US$70.94 a barrel and the Brent crude oil price has fallen 0.1% to US$75.99 a barrel. Oil prices fell on Chinese demand concerns.
Flight Centre investor day
The Flight Centre Travel Group Ltd (ASX: FLT) share price will be on watch on Wednesday. That's because the heavily shorted travel agent giant is holding its investor strategy event. It is possible the company could release a trading update ahead of the event.
Gold price tumbles
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a tough session after the gold price tumbled overnight. According to CNBC, the spot gold price is down 1.2% to US$1,948.1 an ounce. Gold prices fell following the release of strong US housing data.
Wisetech shares rated neutral
The WiseTech Global Ltd (ASX: WTC) share price could be fully valued according to analysts at Goldman Sachs. This morning, the broker has retained its neutral rating with an $82.00 price target. It said: "While we sit +1-4% above VA Consensus FY23-25E EBITDA on our stronger than expected top-line forecast, we continue to see WTC as fully valued at current levels, trading on 2.9x growth adj. EV/EBITDA (incl. capitalised R&D), vs. ASX peers on c.1.9x."
