On Tuesday the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.5% to 6,771.2 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
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ASX 200 futures pointing higher
It looks set to be another positive day for the Australian share market on Wednesday after Wall Street rallied higher. According to the latest SPI futures, the ASX 200 is poised to open the day 27 points or 0.40% higher this morning. In late trade in the United States, the Dow Jones is up 0.8%, the S&P 500 is up 2%, and the Nasdaq index is trading 4.1% higher.
Tech shares to rebound
It looks set to be a very good day for Australian tech shares such as Afterpay Ltd (ASX: APT) and Altium Limited (ASX: ALU) on Wednesday. This follows a material rebound on the Nasdaq index overnight. In late trade the tech-heavy index is up a massive 4.1%. Among the biggest movers has been electric vehicle giant Tesla with a 20% gain. A decline in bond yields sent investors rushing back into beaten down tech stocks.
Oil prices drop
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could come under pressure today after the oil price rally fizzled out. According to Bloomberg, the WTI crude oil price is down 1.7% to US$63.94 a barrel and the Brent crude oil price has fallen 1.1% to US$67.45 a barrel. Easing concerns of supply disruptions in Saudi Arabia weighed on oil prices.
Gold price rebounds
Gold miners Evolution Mining Ltd (ASX: EVN) and Resolute Mining Limited (ASX: RSG) could charge higher today after the gold price rebounded. According to CNBC, the spot gold price is up 2.2% to US$1,716.20 an ounce. Traders were buying gold after bond yields pulled back.
Shares going ex-dividend
Another group of shares will be going ex-dividend this morning and could trade lower. This includes logistics solutions company Brambles Limited (ASX: BXB), horticulture company Costa Group Holdings Ltd (ASX: CGC), gold miner Regis Resources Limited (ASX: RRL), and plumbing parts company Reliance Worldwide Corporation Ltd (ASX: RWC).
