On Wednesday the S&P/ASX 200 index followed the lead of U.S. markets and dropped 0.7% to 6,440 points.
Will the market be able to bounce back on Thursday? Here are five things to watch:
ASX futures pointing lower.
The Australian share market looks set to extend its losses on Thursday. According to the latest SPI futures, the ASX 200 index is poised to open 29 points or 0.45% lower this morning. This follow another disappointing night of trade on Wall Street which saw the Dow Jones fall 0.9%, the S&P 500 drop 0.7%, and the Nasdaq tumble 0.8%.
Oil prices lower.
Australian energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could come under pressure after oil prices tumbled lower overnight. According to Bloomberg, the WTI crude oil price fell 0.4% to US$58.89 a barrel and the Brent crude oil price dropped 0.9% to US$69.47 a barrel. Oil prices fell after trade worries outweighed supply disruptions.
Shares trading ex-dividend.
A number of shares are trading ex-dividend this morning and are likely to trade lower. This includes commercial explosives company Orica Ltd (ASX: ORI), retail conglomerate Premier Investments Limited (ASX: PMV) and software company Technology One Limited (ASX: TNE). Dividend favourite Premier Investments will be paying eligible shareholders its 33 cents per share dividend on June 14.
Gold price higher.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could be on the rise after the gold price pushed higher amid trade war and global economic downturn concerns. According to CNBC, the spot gold price rose 0.2% to US$1,279.50 an ounce.
Pro Medicus rated as neutral.
The Pro Medicus Limited (ASX: PME) share price has been a strong performer over the last 12 months but may have peaked now according to one leading broker. A note out of Goldman Sachs reveals that its analysts have initiated coverage on the healthcare technology company with a neutral rating and $24.00 price target. Goldman is a fan of Pro Medicus, but not its valuation.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia has recommended Pro Medicus Ltd. 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.