On Friday, the S&P/ASX 200 Index (ASX: XJO) was out of form and dropped into the red. The benchmark fell 0.6% to 7,107.7 points.
Will the market be able to bounce back from this on Wednesday? Here are five things to watch:
ASX 200 expected to fall again
The Australian share market looks set to fall on Wednesday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 51 points or 0.7% lower this morning. In late trade on Wall Street, the Dow Jones is flat, the S&P 500 is down 0.55%, and the Nasdaq is 1.5% lower.
Oil prices mixed
It could be a soft day for energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.35% to US$79.28 a barrel and the Brent crude oil price has risen 0.2% to US$84.08 a barrel. Brent crude oil prices were boosted by the further easing of COVID restrictions in China.
Tech shares on watch
It could be a difficult day for ASX 200 tech shares like Block Inc (ASX: SQ2) and Brainchip Holdings Ltd (ASX: BRN) after another tech selloff on Wall Street. Rising treasury yields and recession concerns put pressure on the tech sector.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a good day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 1% to US$1,822.6 an ounce. The China reopening news boosted the precious metalâs demand outlook.
Iron ore rises
ASX 200 miners with exposure to iron ore, such as BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO), could start the week strongly. This follows another rise in the iron ore price amid easing COVID restrictions in China. Both miners are trading higher on the NYSE at the time of writing.
The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.
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