On Friday, the S&P/ASX 200 Index (ASX: XJO) was well and truly on form and finished the week with a sizeable gain. The benchmark index jumped 1.4% to 8,757.2 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to fall on Monday after a relatively poor finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 49 points or 0.55% lower. In the United States, the Dow Jones was down 0.3%, the S&P 500 fell slightly, and the Nasdaq edged a touch higher.
Oil prices fall
It could be a subdued start to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) after oil prices fell on Friday night. According to Bloomberg, the WTI crude oil price was down 0.3% to US$67.34 a barrel and the Brent crude oil price was down 0.35% to US$69.28 a barrel. Mixed US economic data offset new EU sanctions on Russia.
Block shares to jump
The Block Inc (ASX: XYZ) share price looks set to have a strong session on Monday. That's because the payments giant's NYSE listed shares jumped in after-hours trade on Wall Street on Friday. The catalyst for this was news that the Afterpay and Cash App owner's shares will be added to the benchmark S&P 500 index after Hess Corp (NYSE: HES) was acquired by energy giant Exxon Mobil (NYSE: XOM).
Gold price rises
ASX 200 gold shares including Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) could have a decent start to the week after the gold price pushed higher on Friday night. According to CNBC, the gold futures price was up 0.3% to US$3,355.5 an ounce. Traders were buying gold amid global uncertainty and a weaker US dollar.
Buy Pilbara Minerals shares
The Pilbara Minerals Ltd (ASX: PLS) share price could be in the buy zone according to analysts at Bell Potter. This morning, the broker has retained its buy rating and $2.00 price target on the lithium miner's shares. Based on its current share price, this implies potential upside of 17% for investors. It said: "PLS operates a low-cost asset in a tier one jurisdiction, is vertically integrating across the lithium value chain, and provides a clean exposure to global lithium fundamentals and sentiment. While we expect lithium prices to remain volatile, we hold a robust EV demand driven long-term market outlook and believe higher prices are required to incentivise new sources of supply."
