On Tuesday, the S&P/ASX 200 Index (ASX: XJO) slipped into the red. The benchmark index ended the day 0.1% lower at 7,659 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to tumble
The Australian share market looks set to tumble on Wednesday after a poor start to the shortened week in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 25 points or 0.3% lower. In late trade on Wall Street, the Dow Jones is down 0.2%, the S&P 500 has fallen 0.8%, and the Nasdaq is 1.35% lower.
Oil prices fall
It could also be a poor session for ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.7% to US$78.66 a barrel and the Brent crude oil price is down 1.15% to US$82.58 a barrel. Traders were taking profit after oil prices traded close to three-month highs.
NAB update
The National Australia Bank Ltd (ASX: NAB) share price will be on watch today when the banking giant becomes the latest big four player to update the market. The consensus estimate is for cash earnings of $1.73 billion, which will be down from $2.15 billion a year earlier.
Gold price rises
ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could push higher on Wednesday after the gold price rose overnight. According to CNBC, the spot gold price is up 0.7% to US$2,038.4 an ounce. A softer US dollar sent the gold price to a one-week high.
BHP rated as a buy
BHP Group Ltd (ASX: BHP) shares are in the buy zone according to analysts at Goldman Sachs. In response to the miner's half-year results, the broker has retained its buy rating and $49.40 price target. It said: "BHP reported a broadly in-line 1H FY24 result with underlying EBITDA/NPAT of US$13.9bn/US$6.6bn."
