On Friday the S&P/ASX 200 Index (ASX: XJO) was out of form and finished a disappointing week with a decline. The benchmark index fell 0.6% to 5,919.2 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch
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ASX 200 set to surge higher.
The ASX 200 looks set to surge higher this morning after a positive end to the week on Wall Street. According to the latest SPI futures, the benchmark index is expected to open the week 95 points or 1.6% higher. On Wall Street the Dow Jones rose 1.4%, the S&P 500 climbed 1.05%, and the Nasdaq pushed 0.65% higher. Positive data from Gilead's coronavirus treatment trial boosted markets.
Oil prices drop lower.
The coronavirus treatment news appears to have given oil prices a boost as well, much to the delight of shareholders of energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL). According to Bloomberg, the WTI crude oil price jumped 2.4% to US$40.55 a barrel and the Brent crude oil price climbed 2.1% to US$43.24 a barrel.
Gold price softens.
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch on Monday after the gold price softened. According to CNBC, the spot gold price fell 0.1% to US$1,801.9 an ounce. Improving investor sentiment weighed on the safe haven asset.
Afterpay rated as neutral.
Analysts at Goldman Sachs are calling time on the Afterpay Ltd (ASX: APT) share price rally. According to a note out of the investment bank, the broker has given the payments company's shares a neutral rating with an improved price target of $70.15. While the broker is very positive on the company's prospects, it feels its shares are fully valued at the current level.
TechnologyOne short attack.
Hong Kong-based GMT Research is back and is targeting enterprise software company TechnologyOne Ltd (ASX: TNE). According to the AFR, GMT Research claims Technology One is using accounting tricks to pull forward revenue and profits. This is "artificially creating growth and hiding a major slowdown."
