On Thursday, the S&P/ASX 200 Index (ASX: XJO) had one of its worst days in recent memory. The benchmark index fell 2.7% to 7,358.3 points.
Will the market be able to bounce back from this on Friday? Here are five things to watch:
ASX 200 expected to rebound
The Australian share market looks set to rebound strongly from yesterday's selloff. According to the latest SPI futures, the ASX 200 is expected to open the day 91 points or 1.25% higher this morning. This follows an improved night of trade on Wall Street, which late on sees the Dow Jones down 0.4%, but the S&P 500 up 0.1% and the Nasdaq up 0.1%.
Tech shares expected to bounce back
It looks set to be a much better day for tech shares such as Afterpay Ltd (ASX: APT) and NEXTDC Ltd (ASX: NXT). With Australian tech shares ultimately falling far more than their US and European counterparts on Thursday, they are being tipped to rebound on Friday.
Oil prices push higher
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could end the week on a positive note after oil prices pushed higher again. According to Bloomberg, the WTI crude oil price is up 1.8% to US$79.26 a barrel and the Brent crude oil price is up 1.35% to US$81.85 a barrel. Oil prices rose amid unrest in Kazakhstan and outages in Libya.
Iron ore prices rise again
The BHP Group Ltd (ASX: BHP) share price and the Rio Tinto Limited (ASX: RIO) share price could end the week strongly after the benchmark iron ore price continued its rise. According to Metal Bulletin, the spot benchmark 62% fines iron ore price rose 2.3% to US$128.25 a tonne. However, there are concerns that some of the buying is coming from speculative traders.
Gold price sinks
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a difficult finish to the week after the gold price slumped. According to CNBC, the spot gold price is down 2.1% to US$1,786.8 an ounce. Traders were selling gold after hawkish signals from the US Federal Reserve.
