On Thursday, the S&P/ASX 200 Index (ASX: XJO) followed Wall Streetâs lead and dropped deep into the red. The benchmark index fell 0.95% to 7,020.1 points.
Will the market be able to bounce back from this on Friday and end the year on a high? Here are five things to watch:
ASX 200 expected to jump
The Australian share market looks set to end the week and year in a very positive fashion following a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 67 points or 0.95% higher this morning. In late trade in the United States, the Dow Jones is up 1.2%, the S&P 500 has risen 1.9%, and the Nasdaq has jumped 2.65%. This was driven by the release of US jobs data.
Oil prices fall
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor finish to the week after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 0.7% to US$78.45 a barrel and the Brent crude oil price is down 1.1% to US$82.33 a barrel. Chinese demand fears weighed on prices.
Tech shares to rebound
It looks set to be a great finish to a disappointing year for ASX tech shares on Friday following a very strong night on the NASDAQ index. The tech-focused index is up 2.65% at the time of writing, which should be good news for tech shares such as Altium Limited (ASX: ALU) and Xero Limited (ASX: XRO) today.
Gold price rises
Gold shares Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a decent finish to the week after the gold price rose overnight. According to CNBC, the spot gold price is up 0.5% to US$1,824.70 an ounce. Traders were buying gold after US jobs data appeared to support less aggressive rate hikes.
Lithium shares on watch
It has been a tough few weeks for ASX 200 lithium shares such as Pilbara Minerals Ltd (ASX: PLS) and Allkem Ltd (ASX: AKE). But they look set to end the year with a strong session after their US listed peers charged higher overnight. For example, at the time of writing, US$22 billion lithium giant SQM is trading 3% higher.
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
- Here are the top 10 ASX 200 shares today
- The top five ASX 200 shares in Macquarie’s model portfolio
- Why is the Flight Centre share price in the red today?
- 3 ASX lithium shares to buy with 40%+ upside: analysts
- Brokers name 3 ASX shares to buy today
Motley Fool contributor James Mickleboro has positions in Allkem, Altium, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium and Xero. The Motley Fool Australia has positions in and has recommended Xero. 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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