On Tuesday the S&P/ASX 200 Index (ASX: XJO) continued its strong form and charged higher again. The benchmark index climbed 1.8% to 5,559.5 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 expected to drop lower.
The ASX 200 looks set to end its winning streak on Wednesday. According to the latest SPI futures, the benchmark index is expected to open the day 1.5% or 82 points lower. This follows a disappointing night of trade on Wall Street, which saw the Dow Jones fall 1.6%, the S&P 500 drop 1.05%, and the Nasdaq index slide 0.55% lower.
Sydney Airport update
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price will be on watch this morning when it provides the market with its latest update. Sydney Airport’s update will reveal the full extent of the impact of the pandemic on its operations. The market will no doubt be also looking for commentary regarding how quickly it expects travel markets to rebound.
Oil prices mixed.
Energy producers such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) will be on watch today after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is up 1.7% to US$32.36 a barrel and the Brent crude oil price has fallen 0.7% to US$34.55 a barrel. Brent crude oil pushed higher on demand hopes.
Gold price rebounds.
Gold miners such as Northern Star Resources Ltd (ASX: NST) and St Barbara Ltd (ASX: SBM) could be on the rise today after the gold price rebounded. According to CNBC, the spot gold price stormed 0.9% higher to US$1,749.50 an ounce. Traders were buying the precious metal amid concerns that recessions are coming in many major economies.
Computershare business update.
The Computershare Limited (ASX: CPU) share price could be on the move today after the release of a business update yesterday evening. According to the release, the majority of the share registry company’s underlying businesses are operating resiliently during the pandemic. It has reaffirmed its management earnings per share guidance of a 20% decline.
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More reading
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- Is the ASX 200 getting too far ahead of itself?
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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