On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped deep into the red. The benchmark index fell 1% to 6,817.5 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:
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ASX 200 expected to fall
The Australian share market looks set to end the week in a subdued fashion after a volatile night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 20 points or 0.3% lower this morning. In late trade in the United States, the Dow Jones is down 0.5%, the S&P 500 has fallen 1%, and the Nasdaq has dropped 0.85% higher. US markets were up around 1.5% at one stage.
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent finish to the week after oil prices edged higher overnight. According to Bloomberg, the WTI crude oil price is up 0.2% to US$85.71 a barrel and the Brent crude oil price is up 0.2% to US$92.61 a barrel. News that China could ease COVID restrictions boosted prices.
TechnologyOne rated as a buy
The team at Bell Potter remains bullish on the TechnologyOne Ltd (ASX: TNE) share price. This morning the broker has reiterated its buy rating and $14.25 price target on the enterprise software provider. It is expecting a strong full year result next month to get its shares heading higher again.
Allkem quarterly update
The Allkem Ltd (ASX: AKE) share price will be one to watch today when the lithium miner releases its quarterly update. Investors will no doubt be keen to see if lithium prices are continuing to rise. The market may also be looking to see if cost inflation has impacted Allkem's performance during the quarter.
Gold price edges lower
Gold miners including Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a poor end to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.1% to US$1,632.70 an ounce. The precious metal dropped after US Treasury yields pushed higher.
