On Tuesday the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled notably lower. The benchmark index fell 0.7% to 7,420.4 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
Image source: Getty Images
ASX 200 expected to bounce back
The Australian share market looks set to rebound on Wednesday after Wall Street charged higher. According to the latest SPI futures, the ASX 200 is expected to open the day 37 points or 0.5% higher this morning. In late trade in the United States, the Dow Jones is up 0.5%, the S&P 500 is up 0.6%, and the Nasdaq is trading 0.75% higher.
CBA's first quarter update
The Commonwealth Bank of Australia (ASX: CBA) share price will be on watch when it releases its first quarter update this morning. According to a note out of Morgan Stanley, it expects the bank to report a 2% increase in revenue but an ~8% decline in cash earnings to $2.28 billion. The latter is largely due to one off benefits in the prior corresponding period.
Oil prices mixed
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) will be on watch following a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.1% to US$80.80 a barrel and the Brent crude oil price has risen 0.5% to US$82.47 a barrel. Demand worries have been weighing on the WTI crude oil price.
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a difficult day after the gold price dropped. According to CNBC, the spot gold price is down 0.7% to US$1,853.50 an ounce. Rising bond yields appears to have been weighing on the precious metal.
AGMs
A number of ASX 200 shares are holding their annual general meetings today and could provide the market with updates at their respective events. This includes infant formula company A2 Milk Company Ltd (ASX: A2M), buy now pay later provider Afterpay Ltd (ASX: APT), and job listings giant SEEK Limited (ASX: SEK).
