On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form again and dropped into the red. The benchmark index was down 0.3% to 7,292.7 points.
Will the market be able to bounce back from this on Friday? Here are five things to watch:
ASX 200 expected to jump
The Australian share market looks set to end the week in a positive fashion following a stunning night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 55 points or 0.75% higher this morning. In the United States, the Dow Jones was up 1.6%, the S&P 500 rose 2%, and the NASDAQ jumped 2.4%. The S&P 500 index had its best session since January.
Oil prices rebound
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a decent finish to the week after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 0.65% to US$74.78 a barrel and the Brent crude oil price is up 0.85% to US$78.35 a barrel. Traders appear to believe that oil has been oversold following recent weakness.
Pilbara Minerals quarterly update
The Pilbara Minerals Ltd (ASX: PLS) share price will be one to watch today after the lithium miner released its quarterly update after the market close yesterday. Pilbara Minerals had a tough quarter, reporting lower than expected shipments and lithium prices, as well as higher than forecast costs.
Gold price edges higher
Gold shares Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a subdued finish to the week after the gold price edged ever so slightly higher overnight. According to CNBC, the spot gold price is up 0.05% to US$1,997 an ounce. A stronger US dollar held back the gold price.
Coles quarterly
The Coles Group Ltd (ASX: COL) share price will be in focus today when the supermarket operator releases its third-quarter update. Another solid quarter is expected from the retailer, with UBS forecasting a 7.5% increase in sales to $9.8 billion. This would be ahead of the consensus estimate of $9.6 billion. UBS expects this to be underpinned by a 7.9% increase in total supermarket sales on inflation and modest volume growth. The broker expects supermarket same store sales growth of 7.8%.
