On Tuesday the benchmark S&P/ASX 200 Index edged just a fraction higher to finish the day at 6,221.8 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX futures pointing lower.
The Australian share market looks likely to drop lower on Wednesday. According to the latest SPI futures, the ASX 200 is poised to open the day 19 points or 0.3% lower this morning. This follows a disappointing night of trade on Wall Street which late in the session sees the Dow Jones down 0.7%, the S&P 500 off 0.6%, and the Nasdaq 0.6% lower. Investors have been hitting the sell button amid concerns that the upcoming U.S. earnings season may be weaker that expected.
Oil prices fall.
Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) shares will be on watch after oil prices dropped lower overnight. According to Bloomberg, the WTI crude oil price has fallen 0.4% to US$64.14 a barrel and the Brent crude oil price has tumbled 0.5% to US$70.74 a barrel.
Gold price higher.
Newcrest Mining Limited (ASX: NCM) and Resolute Mining Limited (ASX: RSG) shares could be on the rise again on Wednesday after gold prices pushed higher. According to CNBC, the spot gold price has climbed 0.5% to US$1,308.30 an ounce. The gold price rose after U.S. stocks and the greenback retreated.
The Webjet Limited (ASX: WEB) share price will be on watch today after the online travel agent provided an update ahead of its appearance at the UBS Emerging Companies Conference later today. The company revealed its new business unit, Umrah Holidays International, which aims to be a pioneer in the online provision of religious pilgrimage travel services. Management also confirmed that it is on track to deliver at least $120 million EBITDA in FY 2019. This excludes one-offs associated with the acquisition of DOTW but includes all start-up costs associated with Umrah Holidays International.
Dividends being paid.
A number of popular shares are scheduled to pay their latest dividends later today. This includes beverage company Coca-Cola Amatil Ltd (ASX: CCL), building supplies company Fletcher Building Limited (ASX: FBU), and conglomerate Wesfarmers Ltd (ASX: WES).
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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 Wesfarmers Limited. 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.