5 things to watch on the ASX 200 on Friday

On Thursday, the S&P/ASX 200 Index (ASX: XJO) tumbled deep into the red after the US Federal Reserve increased rates by 0.75%. The benchmark index fell 1.85% to 6,857.9 points.

Will the market be able to bounce back from this on Friday and end the week on a high? Here are five things to watch:

ASX 200 expected to edge lower

The Australian share market looks set to end the week in the red after a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 10 points or 0.1% lower this morning. In late trade in the United States, the Dow Jones is up slightly, the S&P 500 has risen fallen 0.5%, and the Nasdaq has dropped 1.15%.

Oil prices tumble

Energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor finish to the week after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 2% to US$88.23 a barrel and the Brent crude oil price is down 1.5% to US$94.70 a barrel. Global recession concerns are weighing on prices.

CSL R&D event

The CSL Limited (ASX: CSL) share price will be on watch today when the biotherapeutics giant holds its annual research and development (R&D) event. At the event, CSL will be providing investors with a comprehensive review of its clinical development programs. It may also provide the market with updates on current commercial operations.

Woolworths named as a buy

The Woolworths Group Ltd (ASX: WOW) share price remains great value following its first quarter update. That’s the view of analysts at Goldman Sachs, which have reiterated their conviction buy rating with a trimmed price target of $41.70. It said: “Despite a noisy and softer 1Q23, we remain confident that WOW is the superior operator within AU supermarkets.”

Gold price falls

Gold miners such as Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a difficult end to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.95% to US$1,634.60 an ounce. The precious metal came under pressure following hawkish commentary from the US Federal Reserve.

The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.

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More reading

• Why did the South32 share price melt more than the market today?
• Here are the top 10 ASX 200 shares today
• Why is the Rio Tinto share price faring worse than the ASX 200 today?
• How is the Qantas share price avoiding today’s carnage?
• Why Bravura, Domino’s, Lendlease, and Woolworths shares are sinking

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. 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 Scott Phillips.

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