On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had a day to forget. The benchmark fell 1.3% to 7,354.6 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to tumble
The Australian share market is expected to tumble again on Thursday following a very poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 56 points or 0.75% lower this morning. In the United States, the Dow Jones fell 1%, the S&P 500 dropped 1.4%, and the NASDAQ sank 2.2%. That was the latter's worst session in almost six months.
Oil prices fall
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could come under pressure today after oil prices fell on Wednesday night. According to Bloomberg, the WTI crude oil price is down 2% to US$79.75 a barrel and the Brent crude oil price is down 1.7% to US$83.44 a barrel. This was driven by concerns over the US ratings downgrade by Fitch.
Woolworths named as a buy
Woolworths Group Ltd (ASX: WOW) shares could be a buy for earnings season according to Goldman Sachs. Its analysts have tipped the retail giant as a company that could positively surprise with its results. In light of this, the broker has reiterated its conviction buy rating and $42.20 price target. Goldman is forecasting "better than expected margins compared to key competitor COL."
Gold price falls
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) will be on watch after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.35% to US$1,971.7 an ounce. The gold price fell after the US dollar and bond yields improved.
Pinnacle results
The Pinnacle Investment Management Group Ltd (ASX: PNI) share price will be on watch today after the investment company released its full-year results. Pinnacle reported a 1.1% decline in revenue and flat profits for FY 2023. This couldn't stop the Pinnacle board from increasing its full-year dividend by 3% to 36 cents per share.
