5 things to watch on the ASX 200 on Thursday

The market is expected to fall today after a poor night of trade on Wall Street.

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On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form and pushed higher. The benchmark index rose 0.6% to 8,447 points.

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

ASX 200 expected to fall

The Australian share market looks set to fall on Thursday following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 31 point or 0.4% lower this morning. In late trade in the United States, the Dow Jones is down 0.55%, the S&P 500 is down 0.85%, and the Nasdaq is 1.15% lower.

Quarterly updates

A number of ASX 200 shares will be releasing their quarterly updates on Thursday. Among the companies that are scheduled to release updates are high-flying buy now pay later provider Zip Co Ltd (ASX: ZIP), battery materials miner IGO Ltd (ASX: IGO), and embattled iron ore and lithium miner Mineral Resources Ltd (ASX: MIN).

Oil prices ease

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a subdued session after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 1.3% to US$72.83 a barrel and the Brent crude oil price is down 0.9% to US$76.77 a barrel. A rise in US inventories weighed on prices.

Gold price falls

It could be a soft session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price edged lower overnight. According to CNBC, the gold futures price is down 0.1% to US$2,763.8 an ounce. This was driven by news that the US Federal Reserve hasn't cut interest rates as expected today.

Buy Pilbara Minerals shares

Pilbara Minerals Ltd (ASX: PLS) shares could be great value according to analysts at Bell Potter. According to a note, the broker has responded to the lithium miner's strong quarterly update by reaffirming its buy rating with an improved price target of $3.00 (from $2.95). This implies potential upside of 27% for investors from current levels. Bell Potter said: "PLS reported quarterly spodumene concentrate (SC) production of 188kt (BP est. 168kt) and sales of 204kt at 5.3% Li2O (BP est. 168kt); a strong beat to our estimates despite the implementation of the smaller 'P850' operating model which included the idling of the Ngungaju processing plant."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Zip Co. The Motley Fool Australia has no position in any of the stocks mentioned. 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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