On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a decent session and pushed higher. The benchmark index rose 0.3% to 7,014.9 points.
Will the market be able to build on 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 edge higher this morning despite a poor session on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 4 points higher this morning. In late trade on the United States, the Dow Jones is down 0.7%, the S&P 500 is down 0.8%, and the NASDAQ is down 0.9%. Comments from the US Federal Reserve saying that it has not done enough to bring inflation down sent bond yields higher and markets in a spin.
Oil prices rise
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could end the week on a positive note after oil prices snapped their losing streak. According to Bloomberg, the WTI crude oil price is up 0.5% to US$75.69 a barrel and the Brent crude oil price is up 0.55% to US$79.97 a barrel. Traders appear to believe that oil prices have reached a bottom.
Buy the Xero dip
The Xero Limited (ASX: XRO) share price tumbled on Thursday after the cloud accounting platform provider's strong half-year growth wasn't quite strong enough for the market. Goldman Sachs has responded this morning, reiterating its conviction buy rating with a $141.00 price target. This implies 40% upside from current levels.
Gold price rebounds
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent finish to the week after the gold price rebounded overnight. According to CNBC, the spot gold price is up 0.3% to US$1,964.3 an ounce. Gold climbed despite the US Federal Reserve's comments on interest rates.
REA Q1 update
All eyes will be on REA Group Ltd (ASX: REA) shares today when the property listings company releases its first-quarter update. Goldman Sachs is expecting the realestate.com.au operator to deliver EBITDA growth of 21% in FY 2024. It will be worth looking to see if the company is on track to achieve this.