On Thursday the S&P/ASX 200 Index (ASX: XJO) ended its winning streak and tumbled lower. The benchmark index fell 0.7% to 6,683.1 points.
Will the market be able to bounce back from this on Friday? Here are five things to watch:
ASX 200 expected to drop again.
The Australian share market looks set to end the week on a disappointing note. According to the latest SPI futures, the ASX 200 is poised to open the day 32 points or 0.5% lower this morning. This follows a mixed night of trade on Wall Street, which in late trade sees the Dow Jones down 0.45%, the S&P 500 down 0.3%, but the Nasdaq up 0.25%. The Airbnb share price doubled after its IPO on the Nasdaq.
Iron ore price climbs further.
BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) shares could be on the rise again on Friday after the iron ore price continued its incredible ascent. The price of the steel-making ingredient is now fetching a massive US$156.58 a tonne.
Oil prices jump.
Energy producers including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could finish the week strongly after oil prices jumped. According to Bloomberg, the WTI crude oil price is up 2.8% to US$46.80 a barrel and the Brent crude oil price is up 2.8% to US$50.22 a barrel. The latter was the first time its price has gone beyond US$50 since March. An oilfield attack in Iraq was behind the rise.
Gold price softens.
Gold miners such as Newcrest Mining Ltd (ASX: NCM) and Saracen Mineral Holdings Limited (ASX: SAR) will be on watch after the gold price softened. According to CNBC, the spot gold price is down 0.1% to US$1,836.20 an ounce. Improving investor sentiment was weighing on the precious metal.
Westpac annual general meeting.
The Westpac Banking Corp (ASX: WBC) share price will be on watch today when it holds its annual general meeting. The banking giant is likely to provide investors with an update on current trading and also its COVID loan deferrals.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
More reading
- ASX 200 drops on Thursday
- Brokers just upgraded these two ASX stocks to “buy”
- Why the Adbri (ASX:ABC) share price has dipped in trading today
- Why Asaleo Care, Fortescue, Perpetual, & Starpharma shares are storming higher
- The two ASX stocks most impacted by the dangerous rise of the Aussie dollar
Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/3gGAfSj
Leave a Reply