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5 things to watch on the ASX 200 on Friday

The S&P/ASX 200 Index (ASX: XJO) was on form again on Thursday and ended the month on a high. The benchmark index climbed 2.4% to 5,522.4 points.

Will the local market be able to build on this on Friday? Here are five things to watch:

ASX 200 expected to sink lower.

The ASX 200 index looks set for a disappointing end to the week and could give back all of yesterday’s gain. According to the latest futures contracts, the ASX 200 is expected to fall 119 points or 2.15% lower. This follows a weak night of trade in the United States which saw the Dow Jones fall 1.2%, the S&P 500 drop 0.9%, and the Nasdaq index down 0.3%.

ResMed third quarter update.

The ResMed Inc. (ASX: RMD) share price will be on watch today when it releases its third quarter update. All eyes will be on how its sleep treatment products have been impacted by the coronavirus pandemic and whether ventilator sales have been able to offset this.  

Oil prices rocket higher.

Energy producers Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could be on the rise today after oil prices surged higher again. According to Bloomberg, the WTI crude oil price has rocketed 27.4% higher to US$19.19 a barrel and the Brent crude oil price has jumped 12.6% to US$25.39 a barrel. Traders were buying oil amid signs the U.S. crude oil glut was not growing as quickly as many had feared.

Apple and Amazon results released.

Two of the world’s biggest companies released their latest quarterly results overnight. Apple reported a slight increase in second quarter revenue to US$58.3 billion. The company’s iPhone revenue during the quarter came to US$28.96 billion, down 7% on the prior corresponding period. Whereas Amazon delivered quarterly revenue of US$75.45 billion, with Amazon Web Services (AWS) revenue coming in at US$10.22 billion.

Gold price drops lower.

Gold miners including Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) could come under pressure on Friday after the gold price dropped lower. According to CNBC, the spot gold price is down 1.3% to US$1,691.00 an ounce. Despite this, the gold price has had its best month of the year.

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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 Apple and recommends the following options: short January 2022 $1940 calls on Amazon and long January 2022 $1920 calls on Amazon. The Motley Fool Australia has recommended Amazon, Apple, 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.

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