On Thursday, the S&P/ASX 200 Index (ASX: XJO) had a poor session and tumbled into the red.  The benchmark index fell 0.6% to 8,911.1 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 fall
The Australian share market looks set for another poor session on Friday despite a positive night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open 44 points or 0.5% lower this morning. On Wall Street, the Dow Jones was up 0.15%, the S&P 500 rose 1.1%, and the Nasdaq jumped 1.9%.
Oil prices soften
ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a subdued finish to the week after oil prices softened further overnight. According to Bloomberg, the WTI crude oil price is down 0.2% to US$76.64 a barrel and the Brent crude oil price is down 0.2% to US$79.38 a barrel. Traders have been selling down oil prices since the US and Iran signed a peace deal and oil started to flow through the Strait of Hormuz again.
Sell REA Group shares
Bell Potter has reaffirmed its sell rating on REA Group Ltd (ASX: REA) shares with a trimmed price target of $133.00 (from $137.00). This implies potential downside of 8% from current levels. It said: “We retain our Sell recommendation. Consensus EPS forecasts have recently declined by c.-2% in recent weeks, however, we still view 13% consensus growth for FY27e as having downside risk. Our thesis rests on REA’s share price declining from a reduction in EPS forecasts in-line with market pricing.”
Gold price drops
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Newmont Corporation (ASX: NEM) could have a tough finish to the week after the gold price sank overnight. According to CNBC, the gold futures price is down 3.3% to US$4,235.1 an ounce. Hawkish comments from the US Federal Reserve boosted the US dollar and rate hike bets.
Buy Seek shares
Seek Ltd (ASX: SEK) shares are undervalued according to Bell Potter. This morning, the broker has retained its buy rating and $18.60 price target on the job listings company’s shares. This implies potential upside of almost 40% for investors from current levels. It commented: “We maintain our Buy; SEK is our preferred rate-sensitive classifieds exposure looking through to a dovish RBA tilt, given the diversification in CAR (Buy; TP: $39.80ps) and policy-impacted earnings outlook for REA (Sell; TP:$133ps), though we acknowledge likely near-term volatility in Aus and global economic data impacting the outlook for SEK.”
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
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- 10 ASX 200 shares given buy ratings this week
Motley Fool contributor James Mickleboro has positions in REA Group and Woodside Energy Group Ltd. 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 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.