On Thursday, the S&P/ASX 200 Index (ASX: XJO) fought hard to record the smallest of gains. The benchmark index rose slightly to 7,063.6 points.
Will the market be able to build on this on Friday and end the week on a high? Here are five things to watch:
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ASX 200 expected to edge higher
The Australian share market looks set to end the week with a modest gain despite a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 8 points or 0.1% higher this morning. In late trade in the United States, the Dow Jones is down 0.9%, the S&P 500 has dropped 0.9%, and the Nasdaq has fallen 1.1%. This was driven by the release of US jobs data.
Oil prices recover
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent finish to the week after oil prices recovered overnight. According to Bloomberg, the WTI crude oil price is up 1.4% to US$73.93 a barrel and the Brent crude oil price is up 1.35% to US$78.85 a barrel. Lower US stockpiles boosted prices.
Tech shares under pressure
It looks set to be a tough finish to the week for ASX 200 tech shares on Friday following a poor night on the NASDAQ index. This could spell bad news for tech shares such as Altium Limited (ASX: ALU) and Xero Limited (ASX: XRO). It is also worth noting that Block Inc (ASX: SQ2) has seen its shares on the NYSE fall 2% overnight. This tech weakness was driven by the release of strong US jobs data, which supported the case for higher interest rates.
Gold price tumbles
Gold shares Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a tough finish to the week after the gold price fell overnight. According to CNBC, the spot gold price is down 1.1% to US$1,838 an ounce. Once again, the prospect of higher interest rates weighed on the precious metal.
Brickworks named as a buy
The Brickworks Limited (ASX: BKW) share price could be good value according to analysts at Morgans. Its analysts have retained their add rating with an improved price target of $24.50. The broker said: "[T]he stock continues to screen cheap given the current discount to inferred NTA and the pipeline of value accretive projects to be potentially realised over coming years."
