On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had a tough session and sank into the red. The benchmark index fell 0.8% to 8,180.4 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to edge lower
The Australian share market looks set for a subdued session on Thursday following a relatively poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 1 point lower this morning. In late trade in the United States, the Dow Jones is down slightly, the S&P 500 is down 0.15%, and the Nasdaq is 0.25% lower.
Wesfarmers AGM
Wesfarmers Ltd (ASX: WES) shares will be on watch today when the conglomerate holds its annual general meeting. There's a chance the Bunnings owner will release a trading update at the event and investors will be able to see if the cost of living crisis has impacted its businesses. Fellow ASX 200 shares Corporate Travel Management Ltd (ASX: CTD) and JB Hi-Fi Ltd (ASX: JBH) are also scheduled to hold their own annual general meetings on Thursday.
Oil prices rebound
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) look set to have a good session after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 2.2% to US$68.68 a barrel and the Brent crude oil price is up 2.1% to US$72.63 a barrel. This was driven by news of lower than expected US stockpiles and speculation OPEC could delay production hikes.
Gold price rises to new record
ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a decent session after the gold price rose to a new record overnight. According to CNBC, the gold futures price is up 0.7% to US$2,800.4 an ounce. Political uncertainty is driving demand for safe haven assets.
Buy Woolworths shares
Woolworths Group Ltd (ASX: WOW) shares could be in the buy zone according to analysts at Goldman Sachs. In response to yesterday's disappointing first quarter update, the broker has retained its buy rating with a reduced price target of $36.20. It said: "While WOW is facing transition challenges as its new CEO recalibrates WOW's strategy against a value consumer, we believe that WOW's structural advantages of its store network, scaled online position and leading data/analytics capabilities will enable market share wins in the medium term."
