On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a disappointing session. The benchmark index fell 0.45% to 7,234.7 points.

Will the market be able to bounce back from this on Wednesday? Here are five things to watch:

ASX 200 expected to drop

The Australian share market looks set to fall again on Wednesday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 42 points or 0.6% lower this morning. On Wall Street, the Dow Jones was down 1%, the S&P 500 fell 0.65% and the Nasdaq dropped 0.2%.

Oil prices fall

It could be a tough session for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.85% to US$70.50 a barrel and the Brent crude oil price has fallen 0.9% to US$74.55 a barrel. Weak economic data out of China weighed on prices.

Incitec Pivot results

The Incitec Pivot Ltd (ASX: IPL) share price will be one to watch on Wednesday. That’s because the agricultural chemicals company is scheduled to release its half-year results. In addition, after the market close on Tuesday, Incitec Pivot announced its entry into a new long term gas supply agreement for its ammonium nitrate plant in Moranbah. The new gas supply agreement is expected to sustain the long-term competitive advantage of its Moranbah ammonium nitrate plant.

Gold price tumbles

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could come under pressure after the gold price fell overnight. According to CNBC, the spot gold price is down 1.4% to US$1,994.6 an ounce. This was driven by comments out of the US Federal Reserve about rate cut outlook.

Life360 shares rated as a buy

The Life360 Inc (ASX: 360) share price could be great value according to a note out of Goldman Sachs. In response to its first-quarter update, the broker has reiterated its buy rating with an improved price target of $8.35. It said: “[W]e now believe Life360 has reached its profitability inflection point with operating leverage and prudent cost management to drive a material earnings uplift from here as the company scales.”

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

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More reading

• Here are the top 10 ASX 200 shares today
• Why Develop Global, James Hardie, Life360, and Ora Banda shares stormed higher
• Why Elders, Northern Star, Pointsbet, and Weebit Nano shares are sinking
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Macquarie forecasts 9% upside for Northern Star share price. Here’s why

Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. 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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