On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a solid gain. The benchmark index rose 0.6% to 7,328.6 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 fall on Tuesday despite a relatively decent start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 18 points or 0.25% lower. In late trade in the United States, the Dow Jones is up 0.1%, the S&P 500 is up 0.2%, and the NASDAQ is up 0.15%.
Oil prices rise
Energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a decent day after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 0.6% to US$80.16 a barrel and the Brent crude oil price is up 0.1% to US$85.85 a barrel. Oil prices rose despite concerns over Chinaâs economic growth targets.
RBA meeting
It is the first Tuesday of the month, which means the Reserve Bank of Australia will be meeting to discuss the cash rate. According to cash rate futures, the market has priced in a 75% probability of the central bank increasing the cash rate by 25 basis points to 3.6%.
Gold price edges lower
It could be a subdued day for gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (down: RRL) after the gold price edged lower overnight. According to CNBC, the spot gold price is up 0.15% to US$1,851.9 an ounce. Traders were selling gold ahead of the US Fed chief testimony.
ASX 200 shares going ex-dividend
A number of ASX 200 shares are going ex-dividend on Tuesday for their latest payouts and could trade lower. This includes the likes of fast-fashion jewellery retailer Lovisa Holdings Ltd (ASX: LOV), gold miner Northern Star Resources Ltd (ASX: NST), healthcare company Sonic Healthcare Limited (ASX: SHL), and fuel retailer Viva Energy Group Ltd (ASX: VEA).
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 3 most heavily traded ASX 200 shares on Monday
- Guess which ASX 200 director just bought 50,000 of their company’s shares
- Leading brokers name 3 ASX shares to buy today
- 2 ASX 200 healthcare shares just upgraded by Citi analysts
- Guess which ASX 200 tech stock has rallied 30% in 2023 and just hit an all-time high
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Lovisa. The Motley Fool Australia has recommended Lovisa and Sonic Healthcare. 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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