On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a gain. The benchmark index rose 0.3% to 7,325.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to fall
The Australian share market looks set to take a tumble on Tuesday following a poor night of trade on Wall Street amid interest rate worries. According to the latest SPI futures, the ASX 200 is poised to open the day 54 points or 0.75% lower. In late trade in the United States, the Dow Jones is down 1.6%, the S&P 500 is down 2.05%, and the NASDAQ has tumbled 2.2%.
Reserve Bank meeting
The Reserve Bank of Australia is meeting later today to decide on the cash rate. According to a note out of Westpac Banking Corp (ASX: WBC), its economists are expecting the central bank to raise the cash rate by 0.25% from 2.85% to 3.1%.
Oil prices sink
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a tough day after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 3.4% to US$77.29 a barrel and the Brent crude oil price has fallen 3% to US$83.03 a barrel. Oil prices tumbled after economic data increased interest rates worries.
Dominoâs named as a buy
The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price could be great value according to analysts at Morgans. According to a note, the broker has retained its add rating and lifted its price target to $90.00. It said: “Recent positive share price movements in the global QSR sector, combined with the accretive impact of the [German joint venture] transaction, result in our target price increasing from $88 to $90. We retain an ADD rating.”
Gold price tumbles
Gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a difficult day after the gold price tumbled overnight. According to CNBC, the spot gold price is down 1.7% to US$1,779.9 an ounce. Concerns over the outlook for interest rates weighed on the precious metal.
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
- Here are the top 10 ASX 200 shares today
- Here are the 3 most heavily traded ASX 200 shares on Monday
- Why Imugene, Rio Tinto, Santos, and Warrego shares are pushing higher
- Guess which gold share is being booted out of the ASX 200
- Warrego Energy share price leaps 12% as takeover battle continues
Motley Fool contributor James Mickleboro has positions in Domino’s Pizza Enterprises and Westpac Banking. 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 Domino’s Pizza Enterprises and Westpac Banking. 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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