5 things to watch on the ASX 200 on Monday

A positive start to the week is expected for Aussie investors.

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On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week in the red. The benchmark index sank 0.85% to 7,814.4 points.

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

ASX 200 expected to rebound

The Australian share market looks set to rebound on Monday following a relatively positive finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 35 points or 0.45% higher. On Friday in the United States, the Dow Jones was up 0.3% and the S&P 500 rose 0.1%, but the Nasdaq fell 0.1%.

Oil prices rise

ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a decent start to the week after oil prices rose on Friday. According to Bloomberg, the WTI crude oil price was up 1.05% to US$80.06 a barrel and the Brent crude oil price was up 0.85% to US$83.98 a barrel. Optimism over improving demand drove oil prices higher last week.

Elders half year results

Elders Ltd (ASX: ELD) shares will be on watch on Monday when the agribusiness company releases its half year results. The market won't be expecting a strong result from Elders today. A trading update last month revealed that "first half trading for FY24 was significantly below expectations." Investors will no doubt be hoping that management is able to at least reiterate its full year underlying EBIT guidance of between $120 million and $140 million.

Gold price races higher

ASX 200 gold mining shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a very good start to the week after the gold price raced higher on Friday. According to CNBC, the spot gold price was up 1.45% to US$2,419.8 an ounce. This was driven by Chinese stimulus and US rate cuts bets.

Macquarie Technology downgraded

The Macquarie Technology Group Ltd (ASX: MAQ) share price could be fully valued according to analysts at Goldman Sachs. This morning, the broker has downgraded the data centre operator's shares to a neutral rating with a trimmed price target of $90.20. Goldman explained: "MAQ has re-rated from 13x to 19x NTM EV/EBITDA over the last 12 months, now valuing MAQ in line with our SOTP and factoring in execution of IC3W (though trading at a stable discount vs NXT). We see MAQ as appropriately valued relative to peers and its earnings growth outlook, and downgrade to Neutral."

Motley Fool contributor James Mickleboro has positions in Nextdc and 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 recommended Elders. 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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