On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week on a positive note. The benchmark index rose 0.5% to 7,860 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to sink
The Australian share market is expected to sink on Tuesday despite a positive start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 78 points or 1% lower. On Wall Street, the Dow Jones was up 0.2%, the S&P 500 rose 0.2%, and the Nasdaq pushed 0.35% higher.
Life360 named as a buy
The Life360 Inc (ASX: 360) share price still has plenty of upside according to analysts at Bell Potter. In response to its Nasdaq listing, the broker has reaffirmed its buy rating with a $17.00 price target. This implies potential upside of 23% for investors over the next 12 months. It said: “The next potential catalyst we see for the stock is the H1 result in August â or any update provided sooner â given we expect another solid result and good MAU growth.”
Oil prices jump
It could be a great start to the week for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 3.1% to US$77.89 a barrel and the Brent crude oil price is up 2.7% to US$81.79 a barrel. This was driven by analysts predicting that summar fuel demand could create a supply deficit.
Nine chair quits
Nine Entertainment Co Holdings Ltd (ASX: NEC) shares will be on watch today amid news that its chair, Peter Costello, has quit. This follows reports that Costello allegedly assaulted a journalist from The Australian at Canberra Airport. Commenting on his exit, the outgoing chair said: “The board has been supportive through the events of the last month and last few days in particular. But going forward I think they need a new chair to unite them around a fresh vision and someone with the energy to lead to that vision for the next decade.”
Gold price rises
ASX 200 gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a reasonably positive session after the gold price edged higher overnight. According to CNBC, the spot gold price is up 0.15% to US$2,328.7 an ounce. Traders were buying the precious metal ahead of the release of US inflation data.
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
- This ASX 200 share still looks cheap to me. But don’t just take my word for it!
- Here are the top 10 ASX 200 shares today
- Why IDP Education, Novonix, PYC, and Regis Resources share are racing higher
- Why Beach Energy, Life360, Viva Leisure, and Wildcat shares are dropping today
- Life360 shares tumble after Wall Street debut
Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has recommended Nine Entertainment. 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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