On Tuesday, the S&P/ASX 200 Index (ASX: XJO) fought hard to stay in positive territory but ended the day in the red. The benchmark index fell 4.7 points to 7,141.6 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to edge lower on Wednesday following a volatile night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 6 points or 0.1% lower this morning. In late trade on Wall Street, the Dow Jones is flat, the S&P 500 is up 0.7%, and the Nasdaq is up 1.4%. The Dow was up over 1% at one stage after US inflation came in softer than expected again.
Oil prices rise
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.9% to US$87.47 a barrel and the Brent crude oil price has risen 1.5% to US$94.57 a barrel. Oil prices rose amid hopes that easing inflation could support demand.
Aristocrat results
The Aristocrat Leisure Limited (ASX: ALL) share price will be on watch today when the gaming technology company releases its full year results. According to a note out of Goldman Sachs, its analysts are expecting Aristocrat to deliver revenue of $5,654.2 million and a net profit of $1,072.0 million.
Gold price edges higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.1% to US$1,777.9 an ounce. Gold rose thanks to another softer than expected inflation reading.
CBA rated as a sell
Despite Australia's largest bank delivering a stronger than expected first quarter update on Tuesday, Goldman Sachs still believes the Commonwealth Bank of Australia (ASX: CBA) share price is overvalued. This morning the broker reiterated its sell rating with an improved price target of $90.98. Goldman said: "Strong franchise not sufficiently differentiated to justify premium."
