On Thursday, the S&P/ASX 200 Index (ASX: XJO) ran out of steam and dropped deep into the red. The benchmark index fell 1.2% to 7,588.2 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 rebound
The Australian share market looks set to end the week on a positive note following a good night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 13 points or 0.2% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.6%, the S&P 500 is up 0.85%, and the NASDAQ is up 1%.
Oil prices sink
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a tough finish to the week after oil prices slumped overnight. According to Bloomberg, the WTI crude oil price is down 2.34% to US$74.07 a barrel and the Brent crude oil price is down 2.1% to US$78.83 a barrel. Traders were selling oil amid optimism over a cease-fire in the Israel-Hamas war.
Pinnacle results
The Pinnacle Investment Management Group Ltd (ASX: PNI) share price will be on watch today after the company released its half year results. The investment management company posted a net profit after tax of $30.2 million. This was down slightly from $30.5 million during the prior corresponding period.
Gold price rises
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent session after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.3% to US$2,073 an ounce. Strong US jobs data boosted rate cut hopes.
CBA remains a sell
Commonwealth Bank of Australia (ASX: CBA) shares are still a sell according to analysts at Goldman Sachs. This morning, the broker has reaffirmed its sell rating and lowly $82.37 price target. This implies potential downside of 28% from current levels. Goldman believes that "CBA's consumer banking skew leaves its earnings more exposed to sector wide headwinds."
