5 things to watch on the ASX 200 on Thursday

Another good session is expected for Aussie investors today.

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On Wednesday, the S&P/ASX 200 Index (ASX: XJO) returned to form and pushed higher. The benchmark index rose 0.35% to 7,753.7 points.

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

ASX 200 expected to rise again

The Australian share market looks set for another good session on Thursday following a strong night on Wall Street after US inflation came in lower than expected. According to the latest SPI futures, the ASX 200 is expected to open the day 42 points or 0.55% higher this morning. In the United States, the Dow Jones was up 0.9%, the S&P 500 rose 1.2%, and the Nasdaq jumped 1.4%. The S&P 500 closed at a record high.

Oil prices charge higher

ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good session after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 1.1% to US$78.88 a barrel and the Brent crude oil price is up 0.7% to US$82.95 a barrel. Oil prices pushed higher amid news that US stockpiles have fallen.

Aristocrat Leisure results

The Aristocrat Leisure Limited (ASX: ALL) share price will be one to watch on Thursday when the gaming technology company releases its half-year results. According to a note out of Macquarie, its analysts are expecting Aristocrat Leisure to achieve consensus estimates. This will mean earnings growth of approximately 6% year on year.

Gold price jump

It looks set to be a very good session for ASX 200 gold shares such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price charged higher again overnight. According to CNBC, the spot gold price is up 1.4% to US$2,392.7 an ounce. Traders were bidding the precious metal higher after softer than expected inflation in the United States bolstered the prospect of rate cuts from the US Federal Reserve.

JB Hi-Fi shares downgraded

The JB Hi-Fi Ltd (ASX: JBH) share price could be overvalued according to analysts at Goldman Sachs. This morning, the broker has downgraded the retail giant's shares to a sell rating with a new $50.00 price target (from $56.50). This implies a potential downside of approximately 14% from current levels. Goldman notes that the company is facing "stronger competition on JBH AU from several fronts including expanding range at Amazon, recovery of execution from HVN, and intensifying competition from Officeworks."

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. 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 Amazon, Goldman Sachs Group, and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Amazon and Jb Hi-Fi. 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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