On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form again. The benchmark index was down 0.5% to 7,196.6 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 fall again
The Australian share market looks set to fall again on Wednesday following another subdued night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 10 points or 0.15% lower this morning. In the United States, the Dow Jones fell 0.3%, the S&P 500 dropped 0.2%, and the Nasdaq edged 0.2% lower. Investors appear nervous ahead of this week's US Fed interest rate decision.
Oil prices rise
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.2% to US$91.66 a barrel and the Brent crude oil price has risen 0.15% to US$94.58 a barrel. Oil prices have hit 10-month highs on supply concerns.
IDP Education a buy
Goldman Sachs says that IDP Education Ltd (ASX: IEL) shares are great value. This morning, the broker has put a buy rating and $29.65 price target on the language testing and student placement company's shares. It said: "We believe IEL's premium valuation is justified given the medium-term earnings potential."
Gold price edges lower
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a soft session after the gold price edged lower overnight. According to CNBC, the spot gold price is down slightly to US$1,952.8 an ounce. Traders are hedging their bets ahead of the US Fed meeting.
Altium rated as a hold
The Altium Limited (ASX: ALU) share price could be fair value according to analysts at Bell Potter. The broker has retained its hold rating on the electronic design software provider's shares with an improved price target of $44.00. Bell Potter is expecting strong growth in the coming years but suspects Altium will fall short of its aspirational target. It said: "We also now forecast FY26 revenue of US$454.9m (vs US$450.5m previously) which is still below the company's aspirational target of US$500m."
