5 things to watch on the ASX 200 on Wednesday

Investors may be left heartbroken after today's session.

A couple sits on a sofa, each clutching their heads in horror and disbelief, while looking at a laptop screen.

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On Tuesday, the S&P/ASX 200 Index (ASX: XJO) slipped into the red. The benchmark index ended the day 0.15% lower at 7,603.6 points.

Will the market be able to bounce back from this on Wednesday? Here are five things to watch:

ASX 200 expected to sink

The Australian share market looks set for a very red day on Wednesday after a hotter than expected inflation reading in the US spooked investors. According to the latest SPI futures, the ASX 200 is expected to open the day 106 points or 1.4% lower. In late trade on Wall Street, the Dow Jones is down 1.8%, the S&P 500 has fallen 1.8%, and the Nasdaq is 2.1% lower.

Oil prices rise

It could still be a good session for ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 1.4% to US$78.01 a barrel and the Brent crude oil price is up 1.1% to US$82.90 a barrel. Oil prices have been on a good run amid tensions in the Middle East.

Computershare results

The Computershare Ltd (ASX: CPU) share price will be on watch today after the company released its half-year results. The administration services company reported a 6% increase in management revenue to $1.6 billion and a 23% jump in management earnings per share to 54.8 cents. This was in line with the market's expectations.

Gold price tumbles

ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a difficult session on Wednesday after the gold price sank overnight. According to CNBC, the spot gold price is down 1.4% to US$2,005.4 an ounce. Traders were selling gold in response to the higher than expected inflation reading.

CBA results

Commonwealth Bank of Australia (ASX: CBA) shares will be on watch on Wednesday when the banking giant releases its half year results. The market is expecting Australia's largest bank to report a first half cash profit of $4,972 million. This will be down from last year's record half-year cash profit of $5,153 million.

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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