On Wednesday, the S&P/ASX 200 Index (ASX: XJO) continued its winning streak with a small gain. The benchmark index rose 0.15% to 6,986.7 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to fall on Thursday following a poor night on Wall Street after the US Federal Reserve made a 0.75% increase to rates. According to the latest SPI futures, the ASX 200 is expected to open the day 82 points or 1.2% lower this morning. In late trade in the United States, the Dow Jones is down 1.2%, the S&P 500 has fallen 2.1% and the NASDAQ has tumbled 2.8%.
Oil prices rise
Energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day after oil prices rose on Wednesday night. According to Bloomberg, the WTI crude oil price is up 1.5% to US$89.73 a barrel and the Brent crude oil price is up 1.45% to US$96.01 a barrel. A drop in US crude stockpiles boosted prices.
Woolworths Q1 update
The Woolworths Group Ltd (ASX: WOW) share price will be on watch today when the retail giant releases its first quarter sales update. According to a note out of Goldman Sachs, its analysts are expecting the company to have performed better than rival Coles Group Ltd (ASX: COL) and are forecasting first quarter Australian Supermarket same store sales growth of 3%.
Domino's rated neutral
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price is fully valued according to analysts at Goldman Sachs. In response to the pizza chain operator's trading update just before the market close yesterday, Goldman has retained its neutral rating with a $60.00 price target. It commented: "FY23 NPAT excluding ~A$7mn FX headwinds is expected to be above FY22 A$165mn but will be below if including FX impact. This is below Factset Consensus FY23 NPAT forecast of A$179mn and GS forecasts of FY23 A$170mn."
Gold price edges lower
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued day after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.2% to US$1,646.4 an ounce. The gold price fell after the US Federal Reserve raised rates by 0.75%.
