On Wednesday, the S&P/ASX 200 Index (ASX: XJO) fought hard and managed to keep its winning streak alive. The benchmark index rose a fraction to 7,519.2 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market looks set to rise again on Thursday following a good night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 27 points or 0.35% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.1%, the S&P 500 has risen 0.4%, and the Nasdaq is 0.7% higher.
Oil prices climb
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) will be on watch after a positive night for oil prices. According to Bloomberg, the WTI crude oil price is up 0.8% to US$74.99 a barrel and the Brent crude oil price is up 0.5% to US$79.92 a barrel. This was driven by news of a winter storm hitting production in the United States.
ResMed update
ResMed Inc (ASX: RMD) shares will be on watch on Thursday when the sleep treatment company releases its second quarter update. According to a note out of Citi, it is expecting ResMed to deliver a result comfortably ahead of consensus estimates. It has pencilled in earnings per share of US$1.92 for the quarter.
Gold price falls
ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a poor day of trade after the gold price fell overnight. According to CNBC, the spot gold price is down 0.5% to US$2,015.1 an ounce. Strong economic data in the United States has led to rate cut doubts. Traders believe the US Fed won't be in a rush to reduce rates if the economy is booming.
Domino's shares on watch
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price will be one to watch today after the pizza chain operator released a trading update after the market close on Wednesday. Domino's revealed that its same store sales and total sales were up 1.3% and 8,8%, respectively, during the first half. And while its net profit before tax is expected to fall year on year to $87 million to $90 million (from $104.8 million), this will be ahead of the $74.4 million recorded during the second half of FY 2023. Though, this is still well short of consensus estimates.
