On Wednesday, the S&P/ASX 200 Index (ASX: XJO) had a disappointing session and dropped into the red. The benchmark index fell 0.65% to 8,727.9 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to fall
It looks set to be a subdued session for Australian investors following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 18 points or 0.2% lower this morning. In the United States, the Dow Jones fell 0.1%, the S&P 500 dropped 1.1%, and the Nasdaq sank 1.9%.
Annual general meetings
A number of ASX 200 shares are holding their annual general meetings on Thursday and could provide trading updates. This includes 4×4 parts company ARB Corporation Ltd (ASX: ARB), mining giant South32 Ltd (ASX: S32), and wine leader Treasury Wine Estates Ltd (ASX: TWE).
Oil prices rise
ASX 200 energy shares Woodside Energy Group Ltd (ASX: WDS)and Santos Ltd (ASX: STO) could have a good session following a positive night for oil prices. According to Bloomberg, the WTI crude oil price is up 1.1% to US$95.15 a barrel and the Brent crude oil price is up 0.4% to US$106.09 a barrel. This follows news of the sinking of a container ship in the Strait of Hormuz.
Buy Megaport shares
Megaport Ltd (ASX: MP1) shares could have major upside potential according to Bell Potter. This morning, the broker has retained its buy rating on the cloud infrastructure provider’s shares with a trimmed price target of $26.00. It said: “We continue to have a positive view on the stock due to valuation (FY28 EV/EBITDA of only 6x), strong forecast growth (which is fully funded), track record of execution, high visibility of earnings, AI exposure and differentiated business model (distributed inference).”
Gold price drops
It could be a tough session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price dropped overnight. According to CNBC, the gold futures price is down 1.35% to US$4,120.8 an ounce. A hotter than expected US inflation reading has sparked rate hike fears.
The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.
More reading
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- Here are the top 10 ASX 200 shares today
- Santos share price jumps to fresh multi-year high: Here’s what brokers tip next
- Woodside, New Hope, Flight Centre shares: Buy, hold, or sell?
- I searched for the next great ASX compounder. These shares deserve attention
Motley Fool contributor James Mickleboro has positions in Megaport, Treasury Wine Estates, and Woodside Energy Group Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ARB Corporation, Megaport, and Treasury Wine Estates. The Motley Fool Australia has positions in and has recommended Treasury Wine Estates. The Motley Fool Australia has recommended ARB Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.