5 things to watch on the ASX 200 on Friday

On Thursday, the S&P/ASX 200 Index (ASX: XJO) ran out of steam and dropped deep into the red. The benchmark index fell 1.2% to 7,588.2 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 rebound

The Australian share market looks set to end the week on a positive note following a good night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 13 points or 0.2% higher this morning. In late trade on Wall Street, the Dow Jones is up 0.6%, the S&P 500 is up 0.85%, and the NASDAQ is up 1%.

Oil prices sink

ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a tough finish to the week after oil prices slumped overnight. According to Bloomberg, the WTI crude oil price is down 2.34% to US$74.07 a barrel and the Brent crude oil price is down 2.1% to US$78.83 a barrel. Traders were selling oil amid optimism over a cease-fire in the Israel-Hamas war.

Pinnacle results

The Pinnacle Investment Management Group Ltd (ASX: PNI) share price will be on watch today after the company released its half year results. The investment management company posted a net profit after tax of $30.2 million. This was down slightly from $30.5 million during the prior corresponding period.

Gold price rises

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent session after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.3% to US$2,073 an ounce. Strong US jobs data boosted rate cut hopes.

CBA remains a sell

Commonwealth Bank of Australia (ASX: CBA) shares are still a sell according to analysts at Goldman Sachs. This morning, the broker has reaffirmed its sell rating and lowly $82.37 price target. This implies potential downside of 28% from current levels. Goldman believes that “CBA’s consumer banking skew leaves its earnings more exposed to sector wide headwinds.”

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

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• History suggests snubbing the ASX 200 at record highs could be a costly mistake — here’s why
• After 8 days of gains and a record high why is the ASX 200 tumbling today?
• Better buy: Westpac or CBA shares?
• 2 ASX 200 dividend shares to buy in 2024 for dependable passive income
• 5 things to watch on the ASX 200 on Thursday

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 Goldman Sachs Group and Pinnacle Investment Management Group. The Motley Fool Australia has positions in and has recommended Pinnacle Investment Management Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/d98ELj7