On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a disappointing decline. The benchmark index fell 0.7% to 8,635 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 following a poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 15 points or 0.2% lower. In late trade in the United States, the Dow Jones is down 0.1%, the S&P 500 is 0.1% lower, and the Nasdaq has fallen 0.4%.
Oil prices drop
It could be a poor session for ASX 200 energy shares Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 1% to US$56.86 a barrel and the Brent crude oil price is down 0.85% to US$60.60 a barrel. This was driven by optimism over a Russia-Ukraine peace deal after the latter agreed to scrap its NATO membership application.
Orica AGM
Eyes will be on Orica Ltd (ASX: ORI) shares on Tuesday when the commercial explosives company holds its annual general meeting. There’s a chance the ASX 200 share will provide the market with a trading update ahead of the main event.
Gold price edges higher
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a decent session on Tuesday after the gold price edged higher overnight. According to CNBC, the gold futures price is up 0.25% to US$4,339.2 an ounce. Traders were buying gold ahead of the release of US economic data.
Buy EOS shares
Electro Optic Systems Holdings Ltd (ASX: EOS) shares could be great value despite rising almost 400% this year. According to a note out of Bell Potter, this morning, its analysts have reiterated their buy rating on the space and defence company’s shares with an improved price target of $9.00 (from $8.10). It said: “EOS is positioned as a market leader in C-UAS solutions and is leveraged to increasing budget allocations to C-UAS technologies. We see positive news flow over the next 6 months stemming from CUAS and RWS contract awards.”
The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.
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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 Electro Optic Systems. The Motley Fool Australia has no position in any of the stocks mentioned. 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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