5 things to watch on the ASX 200 on Friday

It looks set to be a very red day for the ASX 200 on Friday.

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On Thursday, the S&P/ASX 200 Index (ASX: XJO) was on form again and charged higher. The benchmark index rose 0.5% to 7,182.1 points.

Will the market be able to build on this on Friday and end the week on a high? Here are five things to watch:

ASX 200 expected to sink

The Australian share market looks set to end the week in a very disappointing fashion following a sell off on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 90 points or 1.2% lower this morning. In the United States, the Dow Jones was down 1.1%, the S&P 500 fell 1.35% and the NASDAQ sank 1.9%.

Pilbara Minerals results

Pilbara Minerals Ltd (ASX: PLS) shares will be on watch today when the lithium miner releases its FY 2023 results. According to a note out of Goldman Sachs, its analysts are expecting revenue of $4,261.9 million and EBITDA of $3,540 million. The broker expects this to allow the lithium giant to declare a 22 cents per share dividend for FY 2023.

Oil prices flat

ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) will be on watch after a flat night for oil prices. According to Bloomberg, the WTI crude oil price is fetching US$78.88 a barrel and the Brent crude oil price is flat at US$83.20 a barrel. Demand concerns continue to hold back prices.

Gold price falls

ASX 200 gold miners including Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Ltd (ASX: NCM) could have a subdued end to the week after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.2% to US$1,944.4 an ounce. Traders were selling gold ahead of Federal Reserve chair Jerome Powell's speech at the Jackson Hole symposium.

Qantas rated as a buy

Goldman Sachs sees lots of value in Qantas Airways Limited (ASX: QAN) shares following the release of the airline operator's FY 2023 results. This morning, the broker has reiterated its buy rating with an improved price target of $8.75. Goldman said: "We acknowledge broader macro uncertainty at this point in the cycle, but believe the current share price does not reflect the group's improved earnings capacity."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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