On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form and charged higher. The benchmark index rose 0.6% to 8,343.3 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market looks set to rise again on Wednesday despite a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 49 points or 0.6% higher this morning. In the United States, the Dow Jones was down 0.3%, the S&P 500 fell 0.4%, and the Nasdaq dropped 0.4%.
Oil prices mixed
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued session after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.1% to US$62.62 a barrel and the Brent crude oil price is up 0.25% to US$65.70 a barrel. This was driven by US-Iran talks and demand concerns.
Buy Rio Tinto shares
Rio Tinto Ltd (ASX: RIO) shares are in the buy zone according to analysts at Goldman Sachs. In response to news of a lithium joint venture, the broker has retained its buy rating and $140.80 price target on the miner's shares. It said: "RIO is focused on creating value for shareholders through early stage exploration and strategic JVs at the asset level, as demonstrated by the Rincon lithium and copper JV with Codelco on the Nuevo Cobre project, and now the Maricunga JV aligns with the company's growth & value creation strategy."
Gold price jumps
It could be a good session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price jumped overnight. According to CNBC, the gold futures price is up 1.85% to US$3,294 an ounce. A weaker US dollar and geopolitical uncertainty gave the precious metal a boost.
Buy ResMed shares
The pullback in the ResMed Inc. (ASX: RMD) share price could be a buying opportunity according to Goldman Sachs. In response to positive trial results from a sleep apnoea pill, it has reaffirmed its conviction buy rating and $49.30 price target on its shares. Goldman said: "RMD's share price weakness (-4.4% close of 20 May 2025, ASX200 +0.6%) in response to this update is an over-reaction considering AD109's mechanism of action is unlikely to displace CPAP as first line therapy in treating OSA and Apnimed's initial target opportunity are patients who have refused or have failed CPAP. "
