On Monday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) started the week with a decline of 0.8%.
Will the market be able to bounce back on Tuesday? Here are five things to watch:
ASX futures pointing higher.
According to the latest SPI futures, the ASX 200 is expected to race higher at the open. Current futures contracts are pointing to a rise of 0.8% or 46 points this morning. This follows a positive start to the week on Wall Street which sees the Dow Jones up 1.2%, the S&P 500 up 1.5%, and the Nasdaq 1.7% higher in late trade.
Tech shares could push higher.
The U.S. tech sector has started the week strongly with FAANG stocks posting notable gains. Amazon has been the highlight with a gain of over 4%. This could mean local tech shares such as Appen Ltd (ASX: APX) and Xero Limited (ASX: XRO) follow their lead and push higher on Tuesday.
Oil prices rebound.
Energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) were a major drag on the market on Monday. They could be set to have a much better day of trade after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price rose 2.6% to US$51.72 a barrel and the Brent crude oil price pushed 3.1% higher to US$60.60 a barrel.
SEEK annual general meeting.
The SEEK Limited (ASX: SEK) share price will be on watch on Tuesday when the job listings company holds its annual general meeting. Traditionally SEEK will provide a trading update and its guidance for the full year at this meeting.
Harvey Norman annual general meeting.
It isn't just SEEK holding its annual general meeting today. Embattled retailer Harvey Norman Holdings Limited (ASX: HVN) is also holding its meeting and could provide a trading update ahead of the event. With Harvey Norman's shares falling to a 52-week low of $2.99 on Monday, it appears as though the market isn't expecting a positive update.
