On Thursday, the S&P/ASX 200 Index (ASX: XJO) was a strong performer and stormed higher. The benchmark index rose 1.1% to 7,130.8 points.
Will the market be able to build on this on Friday and end the week on a high? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to end the week in the red following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 23 points or 0.3% lower. In late trade on Wall Street, the Dow Jones is down 0.5%, the S&P 500 is trading 0.6% lower, and the NASDAQ is down 1%.
Oil prices fall
ASX 200 energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a subdued finish to the week after oil prices dropped again. According to Bloomberg, the WTI crude oil price is down 1.8% to US$106.87 a barrel and the Brent crude oil price is down 1% to US$110.06 a barrel. Optimism over a potential supply boost is weighing on prices.
Westpac shares given hold rating
The Westpac Banking Corp (ASX: WBC) share price could be close to fully valued according to analysts at Bell Potter. This morning the broker retained its hold rating and $24 price target. Bell Potter has doubts over Westpac's FY 2024 cost-cutting targets.
Gold price rebounds
ASX 200 gold miners such as Newcrest Mining Ltd (ASX: NCM) could have a decent finish to the week after the gold price rebounded. According to CNBC, the spot gold price is up 0.7% to US$2,002.70 an ounce. Weakness in equities and a high US inflation reading boosted the safe haven asset's appeal.
Tech shares on watch
Tech shares such as Block Inc (ASX: SQ2) and Zip Co Ltd (ASX: Z1P) could have a rough day after US tech stocks pulled back on rate hike concerns. This follows news that inflation in the US has hit its highest level in 40 years. According to CNBC, US inflation reached 7.9% in February due largely to shelter, gasoline, and food costs.
