On Thursday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) was dragged lower by the resources sector and finished the day over 0.5% lower at 6,240.9 points.
Will the market be able to bounce back on Friday? Here are five things you need to know.
Australian share market expected to open higher.
According to the latest SPI futures, the Australian share market is poised to open the day 0.3% or 21 points higher on Friday. This follows a positive night of trade on Wall Street which saw the Dow Jones close flat, the S&P 500 rise 0.5%, and the Nasdaq push 1.1% higher.
Apple now a US$1 trillion company.
The Nasdaq outperformed other indices thanks partly to another solid rise in the Apple share price on Thursday. Which was enough to take the market capitalisation of the tech giant beyond the US$1 trillion mark. In addition to Apple, a massive 16% rise in the Tesla share price contributed to the Nasdaq’s strong performance. Short sellers may now regret targeting this one.
The ResMed Inc. (ASX: RMD) share price will be on watch on Friday following the release of the sleep treatment company’s fourth quarter results. ResMed delivered quarterly earnings per share of US$0.95 on revenue of US$623.6 million. The latter was up 12% on the prior corresponding period and in line with the market’s expectations.
Oil price bounce back.
Energy producers such as Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH) could be set for a positive day of trade after oil prices rebounded. According to Bloomberg, the WTI crude oil price rose 1.9% to US$68.96 a barrel and the Brent crude oil price climbed 1.4% to US$73.39 a barrel,
Retail sales data.
Retailers including JB Hi-Fi Limited (ASX: JBH) and Myer Holdings Ltd (ASX: MYR) will be on watch today when the Australian Bureau of Statistics releases the retail sales data for the month of June. The market is expecting sales to lift 0.3% compared to a 0.4% rise in May.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Apple. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool Australia has recommended Apple and ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.