On Thursday, the S&P/ASX 200 Index (ASX: XJO) tumbled deep into the red after the US Federal Reserve increased rates by 0.75%. The benchmark index fell 1.85% to 6,857.9 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 edge lower
The Australian share market looks set to end the week in the red after a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 10 points or 0.1% lower this morning. In late trade in the United States, the Dow Jones is up slightly, the S&P 500 has risen fallen 0.5%, and the Nasdaq has dropped 1.15%.
Oil prices tumble
Energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor finish to the week after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 2% to US$88.23 a barrel and the Brent crude oil price is down 1.5% to US$94.70 a barrel. Global recession concerns are weighing on prices.
CSL R&D event
The CSL Limited (ASX: CSL) share price will be on watch today when the biotherapeutics giant holds its annual research and development (R&D) event. At the event, CSL will be providing investors with a comprehensive review of its clinical development programs. It may also provide the market with updates on current commercial operations.
Woolworths named as a buy
The Woolworths Group Ltd (ASX: WOW) share price remains great value following its first quarter update. That's the view of analysts at Goldman Sachs, which have reiterated their conviction buy rating with a trimmed price target of $41.70. It said: "Despite a noisy and softer 1Q23, we remain confident that WOW is the superior operator within AU supermarkets."
Gold price falls
Gold miners such as Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a difficult end to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.95% to US$1,634.60 an ounce. The precious metal came under pressure following hawkish commentary from the US Federal Reserve.
