On Friday the S&P/ASX 200 Index (ASX: XJO) finished the week in sensational style. The benchmark index rose 2.2% to 6,988.1 points.
Will the market be able to build on this on Monday? Here are five things to watch:
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ASX 200 expected to fall
The Australian share market looks set to start the week in the red despite big gains on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 16 points or 0.2% lower this morning. On Wall Street, the Dow Jones rose 1.65%, the S&P 500 stormed 2.4% higher, and the Nasdaq raced 3.1% higher.
Oil prices push higher
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a decent day after oil prices pushed higher on Friday. According to Bloomberg, the WTI crude oil price rose 0.25% to US$86.92 a barrel and the Brent crude oil price rose 0.8% to US$90.03 a barrel. Supply concerns led to oil prices recording their sixth consecutive weekly gain.
Pilbara Minerals quarterly update
The Pilbara Minerals Ltd (ASX: PLS) share price will be on watch today when it releases its second quarter update. Investors will be keen to see if the lithium miner is on track to achieve or exceed its shipments guidance of 380,000 dmt to 440,000 dmt in FY 2022 following a strong first quarter. In addition, all eyes will be on pricing, with reports that lithium prices are at record levels.
Gold price falls again
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could start the week in the red after the gold price fell again on Friday night. According to CNBC, the spot gold price fell 0.5% to US$1,786.6 an ounce. The gold price had its worst week since November after the US dollar strengthened amid rate hike optimism.
ResMed upgraded to buy rating
The ResMed Inc (ASX: RMD) share price could be in the buy zone according to the team at Goldman Sachs. This morning the broker upgraded the sleep treatment company's shares to a buy rating with a $35.80 price target. Goldman notes that near-term challenges have created a long-term opportunity for ResMed.
