On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and sank deep into the red. The benchmark index fell 0.75% to 7,547.7 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
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ASX 200 expected to rebound
The Australian share market looks set to rebound on Thursday following a solid night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 37 points or 0.5% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.1%, the S&P 500 has risen 0.5%, and the Nasdaq is 0.7% higher.
Oil prices tumble
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) will be on watch after a tough night for oil prices. According to Bloomberg, the WTI crude oil price is down 1.5% to US$76.71 a barrel and the Brent crude oil price is down 1.4% to US$81.60 a barrel. Surging US crude stockpiles put pressure on oil prices.
Telstra results
Telstra Group Ltd (ASX: TLS) shares will be on watch today when the telco giant releases its half-year results. According to a note out of Goldman Sachs, it expects Telstra to report EBITDA of $4,054 million (versus the consensus estimate of $4,038 mllion) and earnings per share of 9 cents.
Gold price edges lower
ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a subdued day of trade after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.2% to US$2,003.7 an ounce. Traders were selling gold after rate cut hopes faded.
CBA shares rated as a sell
The team at Goldman Sachs believes investors should be selling their Commonwealth Bank of Australia (ASX: CBA) shares. In response to the bank's half-year results, the broker has reiterated its sell rating with a trimmed price target of $81.98. It said: "1H24 cash earnings were below our expectations driven by higher-than-expected BDDs (no provision releases)."
