5 things to watch on the ASX 200 on Friday

Evolution Mining Ltd (ASX:EVN) and NEXTDC Ltd (ASX:NXT) shares will be on watch on the ASX 200 on Friday…

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On Thursday the S&P/ASX 200 Index (ASX: XJO) ran out of steam and ended its impressive winning streak. The benchmark index gave back its morning gains and fell 0.5% to 6,418.2 points.

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

Young investor watching share chart in anticipation

Image source: Getty Images

ASX 200 looks set to fall again.

It looks set to be a tough end to the week for the ASX 200 after global markets dropped lower. According to the latest SPI futures, the ASX 200 is expected to open the day 26 points or 0.40% lower. In late trade on Wall Street the Dow Jones is down 1.3%, the S&P 500 has fallen 1.2%, and the Nasdaq is down 0.6%. There are concerns that rising COVID-19 cases could weigh on the global economy.

Oil prices higher.

Energy producers including Santos Limited (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could finish the week on a high after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 0.2% to US$41.54 a barrel and the Brent crude oil price has risen 0.2% to US$43.88 a barrel.

Gold price rebounds.

It could be a better day of trade for gold miners such as Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) on Friday. According to CNBC, the spot gold price has rebounded 0.75% to US$1,875.70 an ounce. Rising COVID cases gave the precious metal a boost.

NEXTDC annual general meeting.

The NEXTDC Ltd (ASX: NXT) share price could be on the move today when it holds its virtual annual general meeting. At the event the data centre operator is likely to provide the market with an update on its performance year to date. Also holding its annual general meeting this morning is medical device company PolyNovo Ltd (ASX: PNV).

Wesfarmers given neutral rating.

The Wesfarmers Ltd (ASX: WES) share price could be fully valued now according to analysts at Goldman Sachs. In response to its trading update, the broker has held firm with its neutral rating and put a $47.90 price target on the conglomerate's shares. Goldman expects a strong finish to 2020 but warned that 2021 uncertainty is increasing. The Wesfarmers share price is currently trading at $48.78.

James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of POLYNOVO FPO. The Motley Fool Australia owns shares of Wesfarmers Limited. 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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