On Monday, the S&P/ASX 200 Index (ASX: XJO) once again started the week in a disappointing fashion. The benchmark index fell 1.6% to 6,469.4 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 rebound
The Australian share market is expected to rebound on Tuesday despite a poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 31 points or 0.5% higher. In the United States, the Dow Jones fell 1.1%, the S&P 500 was down 1%, and the NASDAQ dropped 0.6%. The S&P 500 closed at its lowest level in 2022.
Oil prices fall again
It could be a tough day for energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices dropped again overnight. According to Bloomberg, the WTI crude oil price is down 2.3% to US$76.87 a barrel and the Brent crude oil price has fallen 2.3% to US$84.18 a barrel. A strong dollar and recession fears weighed on prices.
Dividends being paid
A number of popular ASX 200 shares are paying their shareholders their latest dividends on Tuesday. This includes energy company AGL Energy Limited (ASX: AGL), electronic design software provider Altium Limited (ASX: ALU), and supermarket giant Woolworths Group Ltd (ASX: WOW). The latter is paying its shareholders a fully franked 53 cents per share dividend.
Miners on watch
Beaten down mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) will be on watch today after their US listed shares dropped into the red again on Wall Street overnight. This appears to have been driven by a combination of recession fears and iron ore price weakness. In respect to the latter, according to Metal Bulletin, the benchmark iron ore price fell 3.5% to US$96.05 a tonne.
Gold price continues to slide
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a difficult day after the gold price continued to slide overnight. According to CNBC, the spot gold price is down 1.4% to US$1,632.6 an ounce. The gold price is now trading at a two and a half year low.
