5 things to watch on the ASX 200 on Wednesday

It looks set to be a difficult session for investors on Wednesday.

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On Tuesday the S&P/ASX 200 Index (ASX: XJO) started the week with a decent gain. The benchmark index rose 0.5% to 7,627.8 points.

Will the market be able to build on this on Wednesday? Here are five things to watch:

ASX 200 expected to sink

The Australian share market looks set for a difficult session on Wednesday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 56 points or 0.75% lower. In late trade on Wall Street, the Dow Jones is down slightly, the S&P 500 has fallen 0.7%, and the Nasdaq is 1.8% lower.

Oil prices tumble

It could be a poor session for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 2% to US$70.25 a barrel and the Brent crude oil price is down 1.5% to US$75.86 a barrel. This was despite rising tensions in the Red Sea.

Tech shares on watch

Tech shares including WiseTech Global Ltd (ASX: WTC) and Xero Limited (ASX: XRO) will be on watch today after a tech sell-off on Wall Street on Tuesday. This was driven partly by Apple shares, which tumbled following a broker downgrade. The Nasdaq index is down 1.8% in late trade.

Gold price edges lower

ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a subdued session on Wednesday after the gold price edged lower. According to CNBC, the spot gold price is down 0.1% to US$2,007.3 an ounce. Not even the market volatility could keep gold in positive territory.

Big miners likely to fall

Mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) look set to open the day lower on Wednesday following a poor night of trade for their US-listed shares on Wall Street overnight. Both miners recently hit record highs thanks to strong iron ore prices.

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Motley Fool contributor James Mickleboro has positions in Woodside Energy Group and Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has positions in and has recommended WiseTech Global and Xero. 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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