On Wednesday, the S&P/ASX 200 Index (ASX: XJO) fought hard and carved out the tiniest of gains. The benchmark index rose a fraction to 8,071.4 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to fall
It looks set to be a subdued session for Aussie investors on Thursday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 23 points or 0.3% lower this morning. In the United States, the Dow Jones was down 0.4%, the S&P 500 fell 0.6%, and the Nasdaq dropped 1.1%. Investors were nervous ahead of the release of Nvidia's (NASDAQ: NVDA) results after the market close.
Oil prices fall
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor session after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 1% to US$74.78 a barrel and the Brent crude oil price is down 0.9% to US$78.83 a barrel. Traders have been selling oil prices after dismissing the threat of supply disruption in Libya.
Qantas FY 2024 results
Qantas Airways Limited (ASX: QAN) shares will be on watch this morning when the airline operator releases its eagerly anticipated full year results. Commenting on expectations, analysts at Morgans said: "Likely tracking in line with consensus. We think the lack of 3Q trading update combined with QAN continuing to buy back shares up until year end, indicates it is tracking close to consensus underlying NPBT of A$2.08bn."
Gold price eases
It could be a soft session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.45% to US$2,542 an ounce. A stronger US dollar put pressure on the precious metal.
Buy Woolworths shares
Woolworths Group Ltd (ASX: WOW) shares could be great value according to analysts at Goldman Sachs. In response to the supermarket giant's full year results, the broker has reiterated its conviction buy rating with a new $40.10 price target. It said: "We reiterate our Buy on WOW (on CL) given its refocus on in-store execution, and continued digital monetization opportunities that we expect to deliver ~6% EBIT growth in FY25-27e. 12m TP of A$40.1 (prev A$40.2) suggests 12.5% TSR."
