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5 things to watch on the ASX 200 on Friday

On Thursday the S&P/ASX 200 Index (ASX: XJO) was out of form again and dropped lower. The benchmark index fell 0.9% to 5,416.3 points.

Will the market be able to bounce back from this on Friday? Here are five things to watch:

ASX 200 expected to fall.

The S&P/ASX 200 index looks set to end the week on a low note. According to the latest SPI futures, the benchmark index is expected to open the day 0.5% or 27 points lower this morning. This is despite Wall Street rebounding overnight. The Dow Jones rose 0.15%, the S&P 500 climbed 0.6%, and the Nasdaq stormed 1.7% higher.

Tech shares on watch.

Australian tech shares such as Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX) could be on the rise today. This follows a strong night of trade for the technology-focused Nasdaq index. It climbed 1.7% higher overnight thanks to strong gains by Amazon and Netflix. The shares of both tech giants stormed to record highs.

Oil prices mixed.

Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch after another mixed night for oil prices. According to Bloomberg, the WTI crude oil price fell 1.1% to US$19.65 a barrel and the Brent crude oil price rose 2.2% to US$28.31 a barrel. Concerns over demand continues to weigh on prices.

Gold price falls again.

Gold miners including Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) could drop lower today after the gold price softened again. According to CNBC, the spot gold price is down 0.3% to US$1,735.10 an ounce. Better than expected U.S. jobless claims put pressure on the precious metal.

Rio Tinto quarterly update.

All eyes will be on the Rio Tinto Limited (ASX: RIO) share price this morning when it releases its quarterly update. The market will no doubt be keen to see how production, costs, and demand are faring during the coronavirus pandemic.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. 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 Amazon and Netflix. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Altium and recommends the following options: short January 2022 $1940 calls on Amazon and long January 2022 $1920 calls on Amazon. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Amazon and Netflix. 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.

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