On Wednesday the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled notably lower. The benchmark index fell 0.7% to 6,116.4 points.
Will the market be able to bounce back from this on Thursday? Here are five things to watch:
ASX 200 expected to rebound.
It looks set to be a much better day of trade for the ASX 200 on Thursday after stocks on Wall Street surged higher overnight. According to the latest SPI futures, the benchmark index is expected to rise 16 points or 0.25% higher at the open. In the United States the Dow Jones rose 0.3%, the S&P 500 jumped 1%, and the Nasdaq stormed a massive 1.7% higher. The latter could mean local tech shares have a strong day.
Oil prices jump.
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) will be on watch after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is up 0.2% to US$43.43 a barrel but the Brent crude oil price is down 0.4% to US$45.68 a barrel. A storm in the United States boosted the WTI price, but concerns over demand weighed on the Brent price.
Woolworths result.
Second time lucky. The Woolworths Group Ltd (ASX: WOW) share price is scheduled to report its full year results today (not on Wednesday). A strong result is expected from the conglomerate due largely to the strength of its key supermarkets business during the pandemic. According to CommSec, the market is expecting a net profit after tax of $1.34 billion.
Gold price jumps.
Gold miners including Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) could be on the rise today after the gold price strengthened. According to CNBC, the spot gold price is up 2% to US$1,961.70 an ounce. Traders were buying the precious metal amid hopes of central bank stimulus.
Afterpay and Appen results.
Two market darlings Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) are due to release their respective results on Thursday. Afterpay has largely pre-released its results and is expected to post EBITDA of $44 million. As for Appen, it will release its half year results and some investors are tipping the company to upgrade its guidance. In May, it reaffirmed its FY 2020 underlying EBITDA guidance of $125 million to $130 million.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO, Appen Ltd, and Woolworths Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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