5 things to watch on the ASX 200 on Tuesday

The ASX 200 is expected to return to form on Tuesday.

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On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small decline. The benchmark index fell 0.1% to 7,306.4 points.

Will the market be able to bounce back from this on Tuesday? Here are five things to watch:

ASX 200 expected to jump

The Australian share market looks set to return to form on Tuesday following a positive start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 40 points or 0.55% higher. On Wall Street, the Dow Jones was up 0.5%, the S&P 500 rose 0.4%, and the NASDAQ climbed 0.2%.

Oil prices climb

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a good session after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 2.4% to US$78.95 a barrel and the Brent crude oil price is up 2.3% to US$82.92 a barrel. Oil prices hit a three-month high on tight supply conditions.

Pilbara Minerals update

The Pilbara Minerals Ltd (ASX: PLS) share price will be on watch following the release of the lithium miner's fourth-quarter update. Pilbara Minerals reported an 18% decline in revenue to $800 million after a sizeable pullback in lithium prices offset record production. Full-year revenue rose 238% to $4 billion. In respect to pricing, Pilbara Minerals reported an average realised price almost 23% lower than consensus estimates.

Gold price lower

ASX 200 gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a tough session after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.5% to US$1,957.1 an ounce. Traders appear nervous ahead of the next US Federal Reserve meeting.

South32 shares downgraded

South32 Ltd (ASX: S32) shares will be on watch today after Goldman Sachs downgraded the mining giant to a neutral rating and cut its price target by 10% to $3.70. It said: "We revise our FY23/24 EPS by -8%/-7% on the lower realised pricing and reduced FY24E production across Al, Nickel and met coal, increased ferro-nickel pricing discounts, and higher unit costs at Aus Mn."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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