On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form and edged into the red. The benchmark index fell 0.1% to 6,642.6 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 jump
The Australian share market looks set to end the week with a big gain after a crazy night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 110 points or 1.65% higher this morning. In late trade in the United States, the Dow Jones is up 2.8%, the S&P 500 has risen 2.45%, and the Nasdaq has pushed 2.1% higher. The latter index was down 3% at the open before staging an incredible rebound.
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good finish to the week after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 2.3% to US$89.29 a barrel and the Brent crude oil price is up 2.5% to US$94.75 a barrel. Lower stockpiles boosted prices heading into the northern hemisphere winter.
Woolworths rated as a buy
The team at Goldman Sachs remains bullish on the Woolworths Group Ltd (ASX: WOW) share price. This morning the broker has reiterated its conviction buy rating and $42.70 price target on the retail giant's shares. It commented: "Despite a still volatile year ahead and noise in pcp data, most industry suppliers note that WOW is still firmly in a more advantaged position on omni-channel capabilities."
Harvey Norman shares go ex-dividend
The Harvey Norman Holdings Limited (ASX: HVN) share price is likely to trade lower today. This is due to the retail giant's shares trading ex-dividend this morning for its latest dividend payment. Eligible shareholders can now look forward to receiving this 17.5 cents per share fully franked dividend next month on 14 November.
Gold price drops
Gold miners including Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a subdued end to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.25% to US$1,673.70 an ounce. The precious metal dropped after a strong US inflation reading sparked fears of more aggressive rate hikes.
