On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a day in the red. The benchmark index fell 0.5% to 7,108.8 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to fall again
The Australian share market looks set to fall again on Tuesday despite a solid start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 114 points or 1.6% higher. In late trade in the United States, the Dow Jones is up 0.45%, the S&P 500 is up 0.65%, and the NASDAQ is down 1.35%.
Oil prices drop
Energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a tough day after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 2.7% to US$74.56 barrel and the Brent crude oil price is down 2.7% to US$80.56 a barrel. The banking collapse has rattled the market.
ASX 200 shares going ex-dividend
There are a number of ASX 200 shares that are going ex-dividend for their latest dividends this morning and could trade lower. This includes coal miner Coronado Global Resources Inc (ASX: CRN), corporate travel booker Corporate Travel Management Ltd (ASX: CTD), and media giant News Corp (ASX: NWS).
Gold price jumps
It could be a good day for gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (down: RRL) after the gold price jumped overnight. According to CNBC, the spot gold price is up 2.6% to US$1,915.2 an ounce. Traders were buying gold due to increased demand for safe haven assets.
Macquarie rated neutral
The Macquarie Group Ltd (ASX: MQG) share price is almost fully valued according to analysts at Goldman Sachs. Following an investor tour, the broker has retained its neutral rating with a price target of $197.53. It notes that the investment bankâs shares are trading above historical multiples despite the prospect of its earnings falling in FY 2023. Goldman is forecasting a 13% decline in its earnings.
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
- 3 ASX 200 shares trading ex-dividend on Tuesday
- Why are ASX 200 gold stocks like Northern Star having such a stellar run today?
- Here are the 3 most heavily traded ASX 200 shares on Monday
- Should I buy Woolworths shares at $37?
- 5 things to watch on the ASX 200 on Monday
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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Corporate Travel Management. 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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