5 things to watch on the ASX 200 on Tuesday

On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decline. The benchmark index fell 0.3% to 6,456.9 points.

Will the market be able to bounce back from this on Tuesday? Here are five things to watch:

ASX 200 expected to rebound strongly

The Australian share market could have an excellent day after a stunning start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 128 points or 1.9% higher. In late trade in the United States, the Dow Jones is up 3%, the S&P 500 is up 2.9%, and the NASDAQ is storming 2.6% higher.

Oil prices jump

It could also be a great day for energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 4.8% to US$83.29 a barrel and the Brent crude oil price has risen 4.2% to US$88.73 a barrel. News that OPEC is planning its biggest output cut since 2020 has got traders excited.

Dividends being paid

Today is payday for the shareholders of a couple of popular ASX 200 shares. Rewarding their shareholders with dividends later today are private health insurance provider NIB Holdings Limited (ASX: NHF) and job listings giant SEEK Limited (ASX: SEK).

Miners to rise

Mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) will be on watch today after their US listed shares stormed higher on Wall Street overnight. Both are up 4% in late trade, which bodes well for their performance on the ASX 200 today. Improving investor sentiment and a softening US dollar have given them a boost.

Gold price storms higher

Gold miners such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a great day after the gold price rebounded strongly overnight. According to CNBC, the spot gold price is up 1.95% to US$1,704.8 an ounce. The gold price lifted after the US dollar and bond yields retreated.

The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

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More reading

• Yes, the ASX is open today, and here’s what’s happening
• Here’s what happened to the BHP share price in September
• 5 things to watch on the ASX 200 on Monday
• Top brokers name 3 ASX shares to buy next week
• Experts name 2 ASX 200 dividend shares to buy next week

Motley Fool contributor James Mickleboro has positions in SEEK Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended NIB Holdings Limited and SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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