5 things to watch on the ASX 200 on Thursday

Will the market bounce back from yesterday's decline?

Broker looking at the share price.

Image source: Getty Images

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On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.65% to 7,608.4 points.

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

ASX 200 expected to fall again

The Australian share market looks set to fall again on Thursday following another poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 24 points or 0.3% lower this morning. In late trade on Wall Street, the Dow Jones is down 0.35%, the S&P 500 has fallen 0.4%, and the Nasdaq is 1% lower.

Oil prices rise

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good session after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.1% to US$77.90 a barrel and the Brent crude oil price is up 0.8% to US$83.01 a barrel. Middle East tensions appear to be behind this rise.

Rio Tinto results

Rio Tinto Ltd (ASX: RIO) shares will be on watch today. That's because the mining giant released its full-year results after the market close on Wednesday. Rio Tinto reported underlying EBITDA of US$23,892 million, which was a touch short of the consensus estimate of US$24,024 million. The miner declared a fully franked final dividend per share of US$2.58 per share.

Gold price edges lower

It could be a subdued session for ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.25% to US$2,035 an ounce. Comments from the US Federal Reserve put pressure on the precious metal.

Buy Woolworths shares

The team at Goldman Sachs believes investors should be snapping up Woolworths Group Ltd (ASX: WOW) shares after its selloff on Wednesday. The broker has responded by retaining its conviction buy rating with a trimmed price target of $40.40. Goldman said: "Weak 2H24 guide conceals new growth engine."

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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