On Thursday the S&P/ASX 200 Index (ASX: XJO) was out of form and sank lower again. The benchmark index dropped 0.85% to 6,760.7 points.
Will the market be able to bounce back from this on Friday? Here are five things to watch:
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ASX 200 to fall again
It looks set to be a disappointing finish to the week for the ASX 200 on Friday. According to the latest SPI futures, the ASX 200 is poised to open the day 9 points or 0.1% lower. In late trade on Wall Street, all three major indices are deep in the red. The Dow Jones is down 1.5%, the S&P 500 is 1.8% lower, and the Nasdaq index has fallen 2.5%.
Tech shares on watch
Australian tech shares such as Afterpay Ltd (ASX: APT) and WiseTech Global Ltd (ASX: WTC) could come under pressure again today. This follows a very poor night of trade for their US counterparts on the tech-focused Nasdaq index. Once again, a rise in bond yields has spooked investors and sent tech stocks plummeting.
Oil prices jump
Energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could end the week strongly after oil prices jumped. According to Bloomberg, the WTI crude oil price is up 4.1% to US$63.78 a barrel and the Brent crude oil price has stormed 4.1% to US$66.68 a barrel. Traders were buying oil after OPEC+ decided to maintain its production cuts.
Gold price falls
Gold miners Northern Star Resources Ltd (ASX: NST) and St Barbara Ltd (ASX: SBM) could tumble today after the gold price continued to weaken. According to CNBC, the spot gold price is down 1.3% to US$1,693.60 an ounce. Rising bond yields are weighing on the safe haven asset.
Shares going ex-dividend
Another group of shares are going ex-dividend this morning and are likely to trade lower. In respect to ASX 200 shares, fuel retailer Ampol Ltd (ASX: ALD) and scrap metal company Sims Ltd (ASX: SGM) are going ex-div. Ampol will then be paying its shareholders a 23 cents per share fully franked dividend on 1 April, whereas Sims shareholders will receive its fully franked 12 cents per share dividend on 23 March.
