On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a disappointing decline. The benchmark index fell 1.2% to 7,224.8 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 looks set to bounce back on Tuesday following a decent start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 36 points or 0.5% higher. In late trade in the United States, the Dow Jones is up 0.3%, the S&P 500 is up 0.4%, and the NASDAQ is up 0.7%.
Oil prices fall
Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a tough day after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 1.3% to US$75.29 a barrel and the Brent crude oil price is down 1.4% to US$82.00 a barrel. These falls were driven by concerns that rate hikes will hit demand.
Harvey Norman half-year result
The Harvey Norman Holdings Limited (ASX: HVN) share price will be one to watch on Tuesday when the retail giant releases its half-year results. According to a note out of Goldman Sachs, it expects group sales growth of 4.2% to $2,280 million and an underlying profit after tax decline of 8.7% to $311 million.
Gold price rises
It could be a decent day for gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.5% to US$1,825.6 an ounce. A softer US dollar boosted the precious metal.
Core Lithium rated as a sell
The Core Lithium Ltd (ASX: CXO) share price may have tumbled notably lower this month but analysts at Goldman Sachs are still not buying. This morning, the broker has reiterated its sell rating and cut its price target to 90 cents. The broker expects wet weather to delay its mining and highlights that spot prices continue to decline.
