On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and charged higher. The benchmark index rose 0.5% to 8,386.8 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
ASX 200 expected to sink
The Australian share market looks set to fall on Thursday following a selloff on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 79 points or 0.95% lower this morning. In the United States, the Dow Jones was down 1.9%, the S&P 500 fell 1.6%, and the Nasdaq tumbled 1.4%. A spike in Treasury yields and deficit fears sparked the selloff.
Oil prices drop
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a tough session after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 1.1% to US$61.34 a barrel and the Brent crude oil price is down 1.1% to US$64.66 a barrel. Oil prices fell after the U.S. government released data on crude and fuel supplies.
Buy Light & Wonder shares
The Light & Wonder Inc (ASX: LNW) share price is in the buy zone according to Goldman Sachs. In response to its investor day update, the broker has reaffirmed its buy rating and $165.00 price target on the gaming technology company's shares. It said: "LNW hosted an Investor Day outlining the building blocks of growth beyond FY25, introducing new FY28 financial targets including: (1) AEBITDA of US$2bn including the acquisition of Grover, which implies a CAGR of +13% from FY25 (GSe US$1.4bn); and (2) EPSA > US$10.55. LNW also remains committed to a primary ASX listing, targeting future ASX50 inclusion."
Gold price rises
It could be a good day for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price rose overnight. According to CNBC, the gold futures price is up 1.1% to US$3,319.3 an ounce. A weaker US dollar and geopolitical uncertainty boosted the precious metal.
Nufarm shares rated as a buy
Nufarm Ltd (ASX: NUF) shares were under significant pressure on Wednesday and ended the session with a decline of 30%. Bell Potter thinks this is a buying opportunity for investors. This morning, the broker has reaffirmed its buy rating with a reduced price target of $3.45 (from $4.35). It believes that the review of its Seed Technologies business could result in a "potentially compelling break-up scenario for NUF that is not reflected in the current share price."
