On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and charged higher. The benchmark index rose 1.3% to 6,806.4 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
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ASX 200 expected to sink
The Australian share market looks set to give back most of yesterday's gains on Wednesday after a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 83 points or 1.2% lower this morning. On Wall Street, the Dow Jones fell 1%, the S&P 500 dropped 1.1%, and the Nasdaq tumbled 0.9%. Investors were selling stocks ahead of the Fed's interest rate decision.
Oil prices fall
Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor day after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 1.8% to US$84.19 a barrel and the Brent crude oil price has fallen 1.4% to US$90.73 a barrel. Traders appear concerned that rising rates could impact demand.
Pilbara Minerals' BMX auction
The Pilbara Minerals Ltd (ASX: PLS) share price will be on watch on Wednesday. This follows the release of the lithium miner's latest digital lithium auction results. According to the release, the company intends to accept the highest bid of US$6,988 per dmt, which is an increase of 10% month on month.
Gold price edges lower
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued day after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.3% to US$1,673.4 an ounce. Traders were concerned that the Fed could make a bigger than expected rate hike.
Premier Investments results
The Premier Investments Limited (ASX: PMV) share price will be on watch on Wednesday when the retail conglomerate releases its full year results. According to a note out of Goldman Sachs, its analysts are expecting the Smiggle owner to report revenue of $1,416 million and EBITDA of $480.4 million.
