On Thursday the S&P/ASX 200 Index (ASX: XJO) ended its winning streak and tumbled lower. The benchmark index fell 0.7% to 6,683.1 points.
Will the market be able to bounce back from this on Friday? Here are five things to watch:
ASX 200 expected to drop again.
The Australian share market looks set to end the week on a disappointing note. According to the latest SPI futures, the ASX 200 is poised to open the day 32 points or 0.5% lower this morning. This follows a mixed night of trade on Wall Street, which in late trade sees the Dow Jones down 0.45%, the S&P 500 down 0.3%, but the Nasdaq up 0.25%. The Airbnb share price doubled after its IPO on the Nasdaq.
Iron ore price climbs further.
BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) shares could be on the rise again on Friday after the iron ore price continued its incredible ascent. The price of the steel-making ingredient is now fetching a massive US$156.58 a tonne.
Oil prices jump.
Energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could finish the week strongly after oil prices jumped. According to Bloomberg, the WTI crude oil price is up 2.8% to US$46.80 a barrel and the Brent crude oil price is up 2.8% to US$50.22 a barrel. The latter was the first time its price has gone beyond US$50 since March. An oilfield attack in Iraq was behind the rise.
Gold price softens.
Gold miners such as Newcrest Mining Ltd (ASX: NCM) and Saracen Mineral Holdings Limited (ASX: SAR) will be on watch after the gold price softened. According to CNBC, the spot gold price is down 0.1% to US$1,836.20 an ounce. Improving investor sentiment was weighing on the precious metal.
Westpac annual general meeting.
The Westpac Banking Corp (ASX: WBC) share price will be on watch today when it holds its annual general meeting. The banking giant is likely to provide investors with an update on current trading and also its COVID loan deferrals.