On Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) bounced back from Monday’s decline with a solid 1% gain to 5,875.2 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX futures pointing lower.
According to the latest SPI futures, the ASX 200 is expected to open the day lower on Wednesday. Futures contracts are pointing to a 12-points or 0.2% decline at the open. This follows a positive night of trade on Wall Street which has seen the Dow Jones rise 0.3%, the S&P 500 push 0.1% higher, and the Nasdaq climb 0.1% lower.
U.S. midterm elections.
Voting in the U.S. midterm elections is ongoing across the pond. Reuters has reported that the turnout could be the highest in 50 years as the Democrats and Republicans battle for control of the Senate. It estimates that at least 64 House of Representatives races remain competitive and Senate control was expected to come down to a half dozen close contests in Arizona, Nevada, Missouri, North Dakota, Indiana and Florida. The result may break while the ASX is open and could impact trade.
Commonwealth Bank AGM.
Banking giant Commonwealth Bank of Australia (ASX: CBA) will hold its annual general meeting in Brisbane today. Investors will be keeping their eyes peeled to see if the bank also provides an update on trading since the start of FY 2019.
Oil prices continue to slide.
Energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could come under pressure again on Wednesday after oil prices sank lower overnight. According to Bloomberg, the WTI crude oil price fell 1.6% to US$62.06 a barrel and the Brent crude oil price dropped 1.7% to US$71.91 a barrel.
Shares going ex-dividend.
The shares of building products company Brickworks Limited (ASX: BKW) and global medical device star ResMed Inc (ASX: RMD) are likely to trade lower today after going ex-dividend this morning. Brickworks’ fully franked 36 cents per share final dividend will then be paid to eligible shareholders on November 28. National Australia Bank Ltd (ASX: NAB) shares go ex-dividend tomorrow, which could lead to a spot of buying today.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Brickworks and ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.