On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and charged higher. The benchmark index rose 0.5% to 8,386.8 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
The Australian share market looks set to fall on Thursday following a selloff on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 79 points or 0.95% lower this morning. In the United States, the Dow Jones was down 1.9%, the S&P 500 fell 1.6%, and the Nasdaq tumbled 1.4%. A spike in Treasury yields and deficit fears sparked the selloff.
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a tough session after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 1.1% to US$61.34 a barrel and the Brent crude oil price is down 1.1% to US$64.66 a barrel. Oil prices fell after the U.S. government released data on crude and fuel supplies.
The Light & Wonder Inc (ASX: LNW) share price is in the buy zone according to Goldman Sachs. In response to its investor day update, the broker has reaffirmed its buy rating and $165.00 price target on the gaming technology company's shares. It said: "LNW hosted an Investor Day outlining the building blocks of growth beyond FY25, introducing new FY28 financial targets including: (1) AEBITDA of US$2bn including the acquisition of Grover, which implies a CAGR of +13% from FY25 (GSe US$1.4bn); and (2) EPSA > US$10.55. LNW also remains committed to a primary ASX listing, targeting future ASX50 inclusion."
It could be a good day for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price rose overnight. According to CNBC, the gold futures price is up 1.1% to US$3,319.3 an ounce. A weaker US dollar and geopolitical uncertainty boosted the precious metal.
Nufarm Ltd (ASX: NUF) shares were under significant pressure on Wednesday and ended the session with a decline of 30%. Bell Potter thinks this is a buying opportunity for investors. This morning, the broker has reaffirmed its buy rating with a reduced price target of $3.45 (from $4.35). It believes that the review of its Seed Technologies business could result in a "potentially compelling break-up scenario for NUF that is not reflected in the current share price."
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.