On Thursday the S&P/ASX 200 Index (ASX: XJO) had a volatile day and ultimately ended it ever so slightly lower. The benchmark index fell to 6,713.9 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 rise
The Australian share market looks set to end the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 37 points or 0.55% higher this morning. This follows a positive night of trade on Wall Street, which in late trades sees the Dow Jones up 0.9%, the S&P 500 up 1.4%, and the Nasdaq trading 2.6% higher.
ASX 200 tech shares on watch
It could be a good day for Australian tech shares such as Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) on Friday after US tech stocks stormed higher. As mentioned above, the tech-heavy Nasdaq index is currently up 2.6%. This is thanks to solid gains by giants such as Amazon, Apple, Facebook, and Tesla. Given how the local tech sector tends to follow the Nasdaq's lead, this bodes well for today's trading session.
Oil prices jump
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could finish the week strongly after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 2.1% to US$65.80 a barrel and the Brent crude oil price has climbed 2.3% to US$69.47 a barrel. Oil prices were given a lift by vaccine rollouts boosting the global economic outlook and U.S. gasoline stocks falling sharply.
Gold price flat
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) will be on watch after a flat night of trade for the gold price. According to CNBC, the spot gold price is flat at US$1,721.90 an ounce. This appears to have been driven by bond yield firming during overnight trade.
Qantas shares rated as a buy
The Qantas Airways Limited (ASX: QAN) share price could be going a lot higher from here according to one leading broker. A note out of Goldman Sachs this morning reveals that its analysts have reiterated their buy rating and $6.38 price target on its shares. Goldman believes the Government's support package will underpin the domestic recovery. It also sees it as a positive for near term cash generation.
