On Tuesday the S&P/ASX 200 Index (ASX: XJO) had a subdued day and edged ever so slightly lower. The benchmark index fell 4.7 points to 5,894.8 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to storm higher.
It looks set to be a positive day of trade for the ASX 200 on Wednesday. According to the latest SPI futures, the benchmark index is poised to open the day 48 points or 0.8% higher this morning. This follows a reasonably positive night of trade on Wall Street. The Dow Jones was flat, the S&P 500 climbed 0.5%, and the Nasdaq charged 1.2% higher.
Oil prices rebound.
Energy shares such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could push higher today after a strong night for oil prices. According to Bloomberg, the WTI crude oil price is up 3.1% to US$38.41 a barrel and the Brent crude oil price is up 2.6% to US$40.64 a barrel. Traders were buying oil after storms on the U.S. Gulf Coast forced output cuts.
Tech shares expected to climb again.
The tech rebound should continue on Wednesday after another very positive night of trade on the tech-focused Nasdaq index. The famous index stormed higher for a second day in a row after investors returned to the sector following a tough couple of weeks. This is likely to be good news for local tech shares such as Afterpay Ltd (ASX: APT) and Nearmap Ltd (ASX: NEA).
Gold price softens.
Gold miners including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch today after the gold price softened. According to CNBC, the spot gold price edged lower to US$1,962.40 an ounce. The price of the precious metal eased after the U.S. dollar recovered.
The Costa Group Holdings Ltd (ASX: CGC) share price could edge lower today when it goes ex-dividend for its 4 cents per share dividend. This will be paid to eligible shareholders on 8 October. Elsewhere, shareholders of APA Group (ASX: APA) can look forward to being paid its 27 cents per share dividend later today.
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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 Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO and APA Group. The Motley Fool Australia has recommended Nearmap 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.
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