5 things to watch on the ASX 200 on Wednesday

Here’s what to expect on the ASX 200 on Wednesday…

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On Tuesday the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled lower. The benchmark index fell 0.6% to 7,324.3 points.

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

ASX 200 poised to storm higher

The Australian share market looks set to storm higher on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 75 points or 1% higher this morning. This follows a positive night on Wall Street, which in late trade sees the Dow Jones up 0.4%, the S&P 500 up 0.35%, and the Nasdaq trading 0.25% higher.

Domino’s annual general meeting

The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price will be on watch on Wednesday when it holds its annual general meeting. At the event the pizza chain operator is likely to provide investors with an update on how it is performing so far in FY 2022.

Oil prices fall

Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could be in the red today after oil prices softened. According to Bloomberg, the WTI crude oil price is down 0.6% to US$83.56 a barrel and the Brent crude oil price has fallen 0.25% to US$84.49 a barrel. Traders appear nervous ahead of key economic data and OPEC’s meeting.

Gold price falls

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could fall today after the gold price dropped. According to CNBC, the spot gold price is down 0.4% to US$1,788.30 an ounce. A stronger US dollar weighed on the gold price.

Altium shares upgraded

The Altium Limited (ASX: ALU) share price could be good value according to one leading broker. This morning the team at Bell Potter upgraded this electronic design software company’s shares to a buy rating with a $42.50 price target. The broker believes that Altium could still be a takeover target for Autodesk. Its analysts feel Altium’s software would complete Autodesk’s Fusion 360 platform.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Altium. The Motley Fool Australia owns shares of and has recommended Altium. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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