On Thursday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.6% to 6,812.3 points.
Will the market be able to bounce back from this on Friday and end the week on a high? Here are five things to watch:
ASX 200 expected to edge higher
The Australian share market looks set to end the week on a mildly positive note despite another poor session on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 12 points or 0.2% higher this morning. In late trade on the United States, the Dow Jones is down 0.55%, the S&P 500 is down 1%, and the NASDAQ is down 1.55%.
Oil prices fall
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could end the week in the red following a poor night for oil prices. According to Bloomberg, the WTI crude oil price is down 2.6% to US$83.09 a barrel and the Brent crude oil price is down 2.6% to US$87.82 a barrel. Demand concerns weighed on oil prices.
ResMed quarterly update
The ResMed Inc (ASX: RMD) share price will be on watch today when the sleep treatment company releases its quarterly update. All eyes will be on management's commentary regarding the rise of wonder drugs like Ozempic. Concerns about these GLP-1 drugs are why the company's shares have been sold off in recent months.
Gold price edges lower
ASX 200 gold miners including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a soft finish to the week after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.1% to US$1,993.6 an ounce. Strong US economic data put pressure on gold.
Allkem shares named as buy
Goldman Sachs believes Allkem Ltd (ASX: AKE) shares are undervalued. In response to the lithium miner's first-quarter update, the broker has reiterated its buy rating with a trimmed price target of $14.40. It said: "Long-term organic growth optionality remains undervalued."