On Monday the S&P/ASX 200 Index (ASX: XJO) gave back its morning gains and ended the day slightly lower. The benchmark index fell 0.2% to 6,155.6 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
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ASX 200 expected to sink lower.
The Australian share market looks set to sink notably lower on Tuesday after rising COVID-19 levels led to global markets being sold off overnight. According to the latest SPI futures, the ASX 200 is expected to open the day 57 points or 0.9% lower this morning. In late trade on Wall Street the Dow Jones is down 2.8%, the S&P 500 has fallen 2.3%, and the Nasdaq has dropped 2.1% lower.
NAB rated as a buy.
The National Australia Bank Ltd (ASX: NAB) share price is in the buy zone according to analysts at Goldman Sachs. This morning the broker retained its conviction buy rating but trimmed its price target slightly to $20.89. Goldman remains very positive on NAB, even after factoring its recent remediation and one-offs into the equation.
Gold price trades flat.
Unfortunately for gold miners like Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST), the market selloff hasn't led to the gold price storming higher. According to CNBC, the spot gold price is trading mostly flat at US$1,904.20 an ounce. COVID-19 fears were offset by a stronger U.S. dollar.
Oil prices tumble lower.
Energy shares such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could drop lower today after oil prices tumbled lower. According to Bloomberg, the WTI crude oil price is down 3.2% to US$38.56 a barrel and the Brent crude oil price has fallen 3.15% to US$40.46 a barrel. This was driven by concerns that rising COVID-19 cases could reduce demand for oil.
Annual general meetings.
A number of companies are holding their annual general meetings today and could provide updates at their virtual events. This includes regional bank Bendigo and Adelaide Bank Ltd (ASX: BEN), building products company Boral Limited (ASX: BLD), and auto & water products company GUD Holdings Limited (ASX: GUD).
