On Thursday the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled notably lower. The benchmark index dropped 1.2% to 5,883.2 points.
Will the market be able to bounce back from this on Friday? Here are five things to watch:
ASX 200 expected to rise.
The ASX 200 index is expected to rise on Friday despite some sizeable declines on Wall Street overnight. According to the latest SPI futures, the benchmark index is poised to open the day 21 points or 0.35% higher this morning. On Wall Street the Dow Jones fell 0.5%, the S&P 500 dropped 0.85%, and the Nasdaq tumbled 1.3% lower.
Tech shares to fall again?
The main drag on U.S. markets overnight was the tech sector once again. Tech giants Apple and Microsoft weighed heavily on the major indices and particularly the Nasdaq. Given how the Australian tech sector has a tendency to follow its lead, Friday could be another difficult day of trade for the likes of Afterpay Ltd (ASX: APT) and Nearmap Ltd (ASX: NEA).
Oil prices rise again.
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices pushed higher again. According to Bloomberg, the WTI crude oil price is up 2% to US$40.98 a barrel and the Brent crude oil price is up 2.6% to US$43.30 a barrel. This follows comments out of OPEC urging producers to comply with output cuts.
Gold price tumbles lower.
Gold miners including Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) could end the week in the red after the gold price tumbled lower. According to CNBC, the spot gold price is down 0.9% to US$1,952.30 an ounce. The precious metal dropped lower after the U.S. Federal Reserve offered no pointers on further potential stimulus.
Sydney Airport update.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price will be on watch this morning when it releases its traffic numbers for the month of August. Last month the airport operator revealed that passenger numbers were down 91.8% in July compared to the prior corresponding period. It looks likely to be a similar story in August due to border restrictions.
Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
*Returns as of 6/8/2020
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 AFTERPAY T FPO. 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.