On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had a day to forget and sank deep into the red. The benchmark index dropped 1.8% to 8,738.8 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
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ASX 200 expected to rebound
The Australian share market looks set to rebound on Thursday following a better night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 39 points or 0.45% higher this morning. In the United States, the Dow Jones was down slightly, the S&P 500 rose 0.5%, and the Nasdaq stormed 1% higher.
Oil prices tumble
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a tough session on Thursday after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 2.5% to US$63.93 a barrel and the Brent crude oil price is down 2.3% to US$67.55 a barrel. Traders were selling oil amid reports that OPEC is considering another output hike.
BHP shares go ex-dividend
BHP Group Ltd (ASX: BHP) shares will be going ex-dividend this morning and could trade lower. Last month, the mining giant released its FY 2025 results and declared a fully franked final dividend of US$0.60 per share. This will be paid to eligible shareholders later this month on 25 September. Also going ex-dividend today are Amcor (ASX: AMC) and NIB Holdings Limited (ASX: NHF)
Gold price rises again
It could be another decent session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price stormed higher again overnight. According to CNBC, the gold futures price is up 0.8% to US$3,620.3 an ounce. This was driven by increased demand for safe haven assets.
TechnologyOne shares upgraded
TechnologyOne Ltd (ASX: TNE) shares will be on watch today after Bell Potter upgraded them following recent weakness. According to the note, the broker has upgraded the enterprise software company's shares to a hold rating (from sell) with an unchanged price target of $35.75. Bell Potter commented: "In our view the risk to the upgrade is more at a market level where, as we have seen this week, tech stocks are sold off due to uncertainty or "risk off" and an increase in bond yields. At a stock specific level we do not see much risk of any disappointment or negative catalyst and, as mentioned, we already expect the company to exceed its guidance when it reports in November. There is, however, some risk perhaps that the market already expects a beat so there is not much if any upside surprise."
