On Friday the S&P/ASX 200 Index (ASX: XJO) finished the week with a small gain. The benchmark index rose 0.1% to 7,312.3 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
Image Source: Getty Images
ASX 200 expected to storm higher
The Australian share market looks set to start the week in style on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 56 points or 0.8% higher this morning. This follows a reasonably positive start to the week on Wall Street, which saw the Dow Jones fall 0.25% but the S&P 500 rise 0.2% and the Nasdaq climb a sizeable 0.75%.
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could be on the move today after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 0.25% to US$71.09 a barrel and the Brent crude oil price has risen 0.5% to US$73.05 a barrel. Oil prices hit a two-year high on demand hopes.
Tech shares could rise
It could be a positive start to the week for tech shares such as Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX). This follows another strong night of trade on the Nasdaq index after investors continued to buy beaten down tech stocks. The buying has been so strong that the Nasdaq index closed the day 0.75% higher at a record high.
Gold price tumbles
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could come under pressure today after the gold price tumbled lower. According to CNBC, the spot gold price is down 0.65% to US$1,867.60 an ounce. The gold price slipped amid concerns the U.S. Federal Reserve may reveal a path for scaling back its expansive monetary policy later this week.
Quarterly Rebalance
S&P Dow Jones Indices has announced its quarterly rebalance and revealed which shares will be included and kicked out of the illustrious ASX 200 index. On 21 June, Chalice Mining Ltd (ASX: CHN), Orocobre Limited (ASX: ORE), and Uniti Group Ltd (ASX: UWL) will join the index. They will be replacing Austal Limited (ASX: ASB), Perenti Global Limited (ASX: PRN), and Resolute Mining Limited (ASX: RSG).
