On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a gain. The benchmark index rose 0.3% to 7,325.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
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ASX 200 expected to fall
The Australian share market looks set to take a tumble on Tuesday following a poor night of trade on Wall Street amid interest rate worries. According to the latest SPI futures, the ASX 200 is poised to open the day 54 points or 0.75% lower. In late trade in the United States, the Dow Jones is down 1.6%, the S&P 500 is down 2.05%, and the NASDAQ has tumbled 2.2%.
Reserve Bank meeting
The Reserve Bank of Australia is meeting later today to decide on the cash rate. According to a note out of Westpac Banking Corp (ASX: WBC), its economists are expecting the central bank to raise the cash rate by 0.25% from 2.85% to 3.1%.
Oil prices sink
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a tough day after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 3.4% to US$77.29 a barrel and the Brent crude oil price has fallen 3% to US$83.03 a barrel. Oil prices tumbled after economic data increased interest rates worries.
Domino's named as a buy
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price could be great value according to analysts at Morgans. According to a note, the broker has retained its add rating and lifted its price target to $90.00. It said: "Recent positive share price movements in the global QSR sector, combined with the accretive impact of the [German joint venture] transaction, result in our target price increasing from $88 to $90. We retain an ADD rating."
Gold price tumbles
Gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a difficult day after the gold price tumbled overnight. According to CNBC, the spot gold price is down 1.7% to US$1,779.9 an ounce. Concerns over the outlook for interest rates weighed on the precious metal.
