On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.35% to 7,664.1 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
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ASX 200 expected to sink
It looks set to be a session to forget for the Australian share market on Wednesday following a market selloff in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 98 points or 1.3% lower. On Wall Street, the Dow Jones tumbled 1.5%, the S&P 500 dropped 1.6%, and the Nasdaq sank 2%. Investors were selling stocks after bond yields widened.
Oil prices drop
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a difficult session after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.25% to US$81.60 a barrel and the Brent crude oil price is down 0.6% to US$87.87 a barrel. This was driven by another round of disappointing inflation and economic data.
Buy Liontown shares
The Liontown Resources Ltd (ASX: LTR) share price could be great value according to analysts at Bell Potter. In response to the lithium developer's quarterly update, the broker has retained its speculative buy rating with a trimmed price target of $1.85. This implies an almost 50% upside for investors from current levels. It commented: "LTR's 100% owned KV lithium project remains highly strategic in terms of its stage of development, long mine life and location."
Gold price crashes
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a very poor day after the gold price sank deep into the red overnight. According to CNBC, the spot gold price is down 2.4% to US$2,302.2 an ounce. Traders were selling the precious metal in response to the release of US economic data. Nevertheless, this couldn't stop the gold price from recording a solid 3% gain for the month.
Woolies selling Endeavour stake
The Endeavour Group Ltd (ASX: EDV) share price will be on watch today. That's because there is speculation that supermarket giant Woolworths Group Ltd (ASX: WOW) is looking to offload a large portion of its remaining stake in the Dan Murphy's owner. According to the AFR, Woolies is looking to receive $468 million for a 5% stake in the drinks giant.
