On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decline. The benchmark index fell 0.3% to 6,456.9 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 strongly
The Australian share market could have an excellent day after a stunning start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 128 points or 1.9% higher. In late trade in the United States, the Dow Jones is up 3%, the S&P 500 is up 2.9%, and the NASDAQ is storming 2.6% higher.
Oil prices jump
It could also be a great day for energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 4.8% to US$83.29 a barrel and the Brent crude oil price has risen 4.2% to US$88.73 a barrel. News that OPEC is planning its biggest output cut since 2020 has got traders excited.
Dividends being paid
Today is payday for the shareholders of a couple of popular ASX 200 shares. Rewarding their shareholders with dividends later today are private health insurance provider NIB Holdings Limited (ASX: NHF) and job listings giant SEEK Limited (ASX: SEK).
Miners to rise
Mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) will be on watch today after their US listed shares stormed higher on Wall Street overnight. Both are up ~4% in late trade, which bodes well for their performance on the ASX 200 today. Improving investor sentiment and a softening US dollar have given them a boost.
Gold price storms higher
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a great day after the gold price rebounded strongly overnight. According to CNBC, the spot gold price is up 1.95% to US$1,704.8 an ounce. The gold price lifted after the US dollar and bond yields retreated.
