On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark index fell 0.45% to 9,209.4 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 fall
It looks set to be a subdued session for Australian investors on Thursday following a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 18 points or 0.2% lower this morning. In the United States, the Dow Jones edged lower, but the S&P 500 rose 0.25% and the Nasdaq climbed 0.55%.
ASX 200 result releases
Earnings season is going up a gear on Thursday with a large number of ASX 200 shares due to release their results. This includes Telstra Group Ltd (ASX: TLS), Insurance Australia Group Ltd (ASX: IAG), Origin Energy Ltd (ASX: ORG), ASX Ltd (ASX: ASX), and Treasury Wine Estates Ltd (ASX: TWE).
Oil prices soften
ASX 200 energy shares Woodside Energy Group Ltd (ASX: WDS) and Santos Ltd (ASX: STO) could have a soft session after oil prices edged lower overnight. According to Bloomberg, the WTI crude oil price is down 0.4% to US$82.86 a barrel and the Brent crude oil price is down 0.35% to US$88.61 a barrel. This was despite reports of vessel attacks in the Gulf of Oman.
SEEK shares downgraded
SEEK Ltd (ASX: SEK) shares are fully valued according to analysts at Bell Potter. This morning, in response to its full-year results, the broker has downgraded the job listings giant's shares to a hold rating with a reduced price target of $15.20 (from $18.58). It explained: "We downgrade to Hold and await a positive shift in sentiment or visibility on jobs volumes recovery; similarly, we suspect a potential growth fund catalyst is a 2H27 story. SEK appears to be improving operations to sustainably target 10% yield growth on top of strong cost controls, however, despite trading at deep value ex. Growth Fund, macro-based headwinds suggest difficult sentiment near-term for the stock."
Gold price rises
It could be a positive session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price rose again overnight. According to CNBC, the gold futures price is up 0.7% to US$4,471.9 an ounce. The precious metal continued its rise after US inflation data reduced rate hike bets.
