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 small gain. The benchmark index rose 0.1% to 7,652.8 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 is expected to fall on Tuesday following a subdued start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 8 points or 0.1% lower. In late trade in the United States, the Dow Jones is down slightly, the S&P 500 is down 0.2%, and the NASDAQ is 0.1% higher.

Coles results

Coles Group Ltd (ASX: COL) shares will be on watch today when the supermarket giant releases its half-year results. Commenting on its expectations, Morgans said: “Consumer trends. COL said at its 1Q24 sales trading update that its research showed that customers are increasingly eating in and entertaining at home, seeking out loyalty points and bonus offers, and looking for more affordable alternatives in response to cost of living pressures. Given this backdrop, focus will be on sales and customer behaviour during the key Christmas trading period.”

Oil prices rebound

ASX 200 energy shares including Woodside Energy Group Ltd (ASX: WDS) and Karoon Energy Ltd (ASX: KAR) could have a decent session after oil prices rebounded overnight amid Middle East tensions. According to Bloomberg, the WTI crude oil price is up 1.4% to US$77.57 a barrel and the Brent crude oil price is up 1.1% to US$82.51 a barrel. Woodside is also releasing its results this morning.

Buy Endeavour shares

The Endeavour Group Ltd (ASX: EDV) share price is great value according to analysts at Goldman Sachs. In response to its half-year results, the broker has retained its buy rating with a $6.20 price target. It said: “The 1st 7 week run-rate is largely in-line with GSe. Additionally, we see that the 1H24 results evident of early signs of a strategy turnaround.”

Gold price falls

ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a soft session today after the gold price fell overnight. According to CNBC, the spot gold price is down 0.5% to US$2,038.9 an ounce. Traders were selling gold ahead of the release of inflation data in the United States.

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

• Endeavour share price drops on half-year profit weakness
• 5 things to watch on the ASX 200 on Monday
• 3 things ASX investors should watch this week
• 3 of the safest ASX 200 dividend shares in Australia right now
• How to generate $50,000 of passive income from ASX shares each year

Motley Fool contributor James Mickleboro has positions in Endeavour Group and Woodside Energy Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has positions in and has recommended Coles Group. 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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