On Thursday, the S&P/ASX 200 Index (ASX: XJO) was well and truly out of form and sank deep into the red. The benchmark index finished the day 1.05% lower at 7,138.2 points.
Will the market be able to bounce back from this on Friday? Here are five things to watch:
ASX 200 expected to open flat
The Australian share market looks set for a subdued session on Friday despite a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open flat this morning. In the United States, the Dow Jones was down 0.1%, but the S&P 500 rose 0.9% and the NASDAQ jumped 1.7%. The latter was driven by an almighty rise from Nvidia, taking it to within a fraction of a US$1 trillion valuation.
Treasury Wine shares rated as a buy
The Treasury Wine Estates Ltd (ASX: TWE) share price was sold off on Thursday after the wine company released its guidance for FY 2023. In response to the update, the team at Goldman Sachs has reiterated its buy rating with a trimmed price target of $14.20. The broker said: "The current sell down represents a good opportunity to further accumulate a stock that has a long-term moat and global scalable upside."
Oil prices sink
It looks like ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor finish to the week after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 3.4% to US$71.82 a barrel and the Brent crude oil price is down 2.8% to US$76.14 a barrel. This follows news that Russian Deputy Prime Minister Alexander Novak has played down the prospect of further OPEC+ production cuts next week.
Gold price falls
ASX 200 gold shares Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a poor session after the gold price tumbled overnight. According to CNBC, the spot gold price is down 1.2% US$1,941.7 an ounce. Progress with US debt ceiling talks put pressure on the safe haven asset.
InvoCare AGM
The InvoCare Limited (ASX: IVC) share price will be one to watch on Friday. Later today, the funeral company will be holding its annual general meeting and could release a trading update ahead of the event. This could have some bearing on how its shares fare on Friday.
