On Wednesday, the S&P/ASX 200 Index (ASX: XJO) gave back its morning gains and ended the day in the red. The benchmark index fell 0.25% to 8,447.9 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to rebound
The Australian share market looks set to rebound on Thursday despite a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 23 points or 0.25% higher this morning. In late trade in the United States, the Dow Jones is down 0.3%, but the S&P 500 is up 0.15% and the Nasdaq is 0.35% higher.
Oil prices fall
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a poor session on Thursday after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 2.1% to US$59.48 a barrel and the Brent crude oil price is down 2.1% to US$63.53 a barrel. Traders were selling oil in response to optimism that the Russia-Ukraine war could end.
Nvidia results
All eyes will be on Nvidia (NASDAQ: NVDA) after the market bell on Wall Street today. The chip maker is releasing its quarterly results and expectations are very high. In fact, there are concerns that if Nvidia fails to live up to market expectations, it could lead to the market selloff intensifying.
Gold price rises
It could be a decent session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price pushed higher. According to CNBC, the gold futures price is up 0.15% to US$4,072.7 an ounce. This was driven by safe haven demand.
Buy Nufarm shares
Nufarm Ltd (ASX: NUF) shares could be great value according to Bell Potter. This morning, the broker has retained its buy rating on the agricultural chemicals company's shares with an improved price target of $3.60. It said: "NUF delivered a FY25 result modestly ahead of consensus, driven by +170bp topline outperformance in Crop protection revenue growth (relative to sector aggregates) and highlighted by a better-than-expected net debt position. In recent weeks we have witnessed a strengthening in omega-3 oil pricing indicators (following the IMARPE catch quota) while also noting continued YOY growth in active ingredient values."
