On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week on a very disappointing note. The benchmark index sank 2.3% to 7,144.7 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to fall again
The Australian share market looks set to start the week in the red following a poor finish to the last one on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 39 points or 0.55% lower this morning. On Wall Street, the Dow Jones was down 1.1%, the S&P 500 fell 1.45%, and the NASDAQ dropped 1.8%.
Oil prices rise
ASX 200 energy shares including Santos Ltd (ASX: STO) and Beach Energy Ltd (ASX: BPT) could have a decent start to the week after oil prices rose on Friday. According to Bloomberg, the WTI crude oil price was up 1.3% to US$76.68 a barrel and the Brent crude oil price rose 1.45% to US$82.78 a barrel. A solid US payrolls update gave prices a boost.
Bank shares on watch
Bendigo and Adelaide Bank Ltd (ASX: BEN), Commonwealth Bank of Australia (ASX: CBA), and other ASX 200 banks will be on watch today after a bank run led to the collapse of Silicon Valley Bank (SVB) on Friday. In addition, investors will be waiting to hear if any ASX 200 tech stocks had any cash held in one of the US bank’s uninsured savings accounts.
Gold price charges higher
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a great start to the week after the gold price stormed higher on Friday night. According to CNBC, the spot gold price rose 1.8% to $1,867.20 per ounce. Strong demand for safe haven assets boosted the precious metal.
Core Lithium shares remain a sell
The Core Lithium Ltd (ASX: CXO) share price remains overvalued despite recent weakness. Thatâs the view of analysts at Goldman Sachs, who have reiterated their sell rating and 90 cents price target. Goldman has been looking at the lithium market and nots continued weakness in spot prices.
The post 5 things to watch on the ASX 200 on Monday appeared first on The Motley Fool Australia.
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More reading
- Guess which ASX 200 stock has landed 3 substantial shareholders in a week
- Hereâs how I would secure monthly dividends in the 2024 financial year with these ASX stocks
- Here are the 3 most heavily traded ASX 200 shares on Friday
- ASX 200 sinks to 2-month low on US market jitters
- Why are ASX 200 lithium shares falling so hard today?
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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Bendigo And Adelaide Bank. 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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