On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in the red. The benchmark index fell 0.6% to 9,026 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 to rebound
The Australian share market looks set to rebound on Tuesday despite a poor start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 22 points or 0.25% higher. In late trade on Wall Street, the Dow Jones is down 1.7%, the S&P 500 is down 1.2%, and the Nasdaq is down 1.3%.
Oil prices slip
It could be a poor session for ASX 200 energy shares including Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 0.45% to US$66.18 a barrel and the Brent crude oil price is down 0.6% to US$71.35 a barrel. Traders were selling oil amid fresh US-Iran talks.
EOS shares named as a buy
The team at Bell Potter thinks Electro Optic Systems Holdings Ltd (ASX: EOS) shares are undervalued at current levels. This morning, in response to its results, the broker has retained its buy rating on the ASX defence stock with a reduced price target of $9.70. It said: “EOS is positioned as a market leader in C-UAS solutions, particularly in directed energy, and is leveraged to increasing budget allocations to C-UAS technologies. We see positive news flow over the next 6 months stemming from C-UAS and RWS contract awards.”
Gold price jumps
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a good session on Tuesday after the gold price jumped overnight. According to CNBC, the gold futures price is up 3% to US$5,234.3 an ounce. This was driven by US tariff uncertainty.
Woodside results
Woodside Energy Group Ltd (ASX: WDS) shares will be on watch on Tuesday when the energy giant releases its full-year results. According to a note out of Macquarie, its analysts are expecting the company to report an underlying profit of US$2,693 million. This is expected to underpin a final dividend of 60 US cents per share.
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 positions in Woodside Energy Group. 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.