On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark fell 0.2% to 7,336.3 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to sink
The Australian share market looks set to fall again on Wednesday following a selloff on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 45 points or 0.6% lower this morning. In late trade on Wall Street, the Dow Jones is down 2%, the S&P 500 is down 2%, and the Nasdaq has sunk 2.3%. Higher trreasury yields and soft retail earnings have spooked investors.
Oil prices slide
ASX 200 energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued days after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.3% to US$76.12 a barrel and the Brent crude oil price has fallen 1.4% to US$82.85 a barrel. Recession fears appear to be weighing on prices.
Santos full-year results
Santos Ltd (ASX: STO) is another energy share that will be on watch on Wednesday. That's because this morning the company is releasing its full-year results and is expected to report a profit after tax of US$2.6 billion. Citi expects this to lead to a partially franked full year dividend of 30 cents per share.
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a tough session after the gold price tumbled overnight. According to CNBC, the spot gold price is down 0.5% to US$1,841.5 an ounce. Rate hike concerns weghed on the precious metal.
Woolworths half-year results
The Woolworths Group Ltd (ASX: WOW) share price will be in focus today when the retail giant releases its half year results. According to a note out of Goldman Sachs, its analysts expect group sales growth of 3.5% but earnings before interest and tax (EBIT) growth of 12% on higher EBIT margins. The market is expecting a fully franked interim dividend of 43.9 cents per share.
