On Thursday, the S&P/ASX 200 Index (ASX: XJO) gave back its early gains to end the period in the red. The benchmark index fell 0.15% to 6,591.1 points.
Will the market be able to bounce back from this on Friday and end the week on a high? Here are five things to watch:
ASX 200 expected to sink
The Australian share market looks set to end the week deep in the red following a very poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 130 points or 2% lower this morning. In the US, the Dow Jones was down 2.4%, the S&P 500 fell 3.25%, and the Nasdaq sank 4.1%. Investors were selling equities amid concerns that the Federal Reserve's aggressive approach toward taming inflation could bring the economy into a recession.
GUD downgrades profit guidance
The GUD Holdings Limited (ASX: GUD) share price could come under extra pressure today after the diversified products company downgraded its earnings guidance. GUD now expects underlying operating earnings to be $147 million in FY 2022. This is down from its previous guidance of $155 million to $160 million. Management advised that supply chains remain volatile, and, in some cases, pressures have intensified.
Oil prices rise
Energy producers including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could avoid the market selloff today after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 1.5% to US$117.09 a barrel and the Brent crude oil price is up 0.7% to US$119.29 a barrel. Tight supplies continue to keep oil prices high.
TechnologyOne rated as a buy
The TechnologyOne Ltd (ASX: TNE) share price could be heading higher from current levels according to Bell Potter. This morning the broker reiterated its buy rating with a slightly trimmed price target of $12.50. Bell Potter sees "potential for uplift in growth rate/guidance next year."
Gold price rebounds
Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a positive finish to the week after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 2% to US$1,857.4 an ounce. A softer US dollar boosted the safe haven asset.
