5 things to watch on the ASX 200 on Wednesday

It's another big day for earnings on the benchmark index today.

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On Tuesday, the S&P/ASX 200 Index (ASX: XJO) slipped into the red. The benchmark index ended the day 0.1% 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."

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. 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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