The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) gained 0.79% over the course of the five trading days last week.
Meanwhile, US markets continued their rally into the weekend with the Dow Jones, S&P 500 and Nasdaq eking out gains of 0.12%, 0.23% and 0.71% respectively on Friday, which brought their respective gains for the week to 1.43%, 1.76% and 3.24%. Of note, Wall Street's rally led to both the S&P 500 and the Nasdaq closing Friday's trading session at fresh all-time highs.
Friday's US lead is likely to set the ASX up for a positive start to Monday's trade. Here are some sectors that could struggle and others which could be set for gains this week…
Gold
While gold stocks in general struggled last week with the gold price trending lower to finish the week at approximately US$1,180 per ounce – which marked a one-month low for the precious metal – gold producer EVOLUTION FPO (ASX: EVN) enjoyed investor support with the stock gaining ground with a rise of 7.5%.
Oil
While the oil price struggled to lift over the week, some commentators think the price of the 'black gold' may have bottomed and it feels like more investors are beginning to position their portfolios as though there is more upside ahead for the sector. Certainly, the rising price provided some support to oil and gas stocks with Oil Search Limited (ASX: OSH) and Origin Energy Limited (ASX: ORG) adding 2.1% and 2.3% respectively.
Iron Ore
Fortescue Metals Group Limited (ASX: FMG) was a stand-out performer last week, rallying 18.2% and no doubt leading to a sigh of relief from founder and major shareholder Andrew Forrest. The bulk commodity's price enjoyed gains over the course of the week including a 5% spike on Wednesday. The rise in iron ore was also good news for the majors BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO), which recorded weekly gains of 6.6% and 4.7% respectively.
Next Week
Looking forward, given the severe sell-off across the resource sector over the past few months, it wouldn't be surprising if buyers emerge to pick up perceived bargains in the iron ore and energy sectors. It could be a different story for gold stocks however, with the' risk-off' trade showing few signs of abating in the near term.
This positive market sentiment could all change on a dime however as the US reporting season steps-up a notch this week, with investors more-than-likely prone to hitting the sell button if they feel US earnings are underwhelming Wall Street.
