On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decline. The benchmark index fell 0.45% to 7,752.5 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 fall again
The Australian share market is expected to fall again on Tuesday following a very poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 70 points or 0.9% lower. In the United States, the Dow Jones was down 0.65%, the S&P 500 was down 1.2%, and the NASDAQ sank 1.8%.
Life360 shares named as a buy
Life360 Inc (ASX: 360) shares are great value according to analysts at Bell Potter. Ahead of the release of the location technology company's quarterly update next month, the broker has reiterated its buy rating and $16.25 price target. This implies a potential upside of almost 25% for investors over the next 12 months. It commented: "The launch of tiered membership in Australia this quarter is also another positive and this appears imminent following a price increase for existing paying subscribers last week. We also see some potential of a guidance upgrade but not until the second half of the year."
Oil prices soften
ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) could have a subdued session on Tuesday after oil prices softened overnight. According to Bloomberg, the WTI crude oil price is down slightly to US$85.60 a barrel and the Brent crude oil price is down 0.1% to US$90.37 a barrel. A stronger US dollar weighed on oil.
Supermarket inquiry
All eyes will be on Coles Group Ltd (ASX: COL) and Woolworths Group Ltd (ASX: WOW) shares on Tuesday when their leaders appear before the Senate inquiry in Canberra. Coles' CEO, Leah Weckert, and Woolworths' outgoing CEO, Brad Banducci, will face long interrogations over high grocery prices from the Senate. There have been calls for the two supermarket giants to be broken up. Though, this seems highly unlikely to happen.
Gold price rises again
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a great session after the gold price jumped again on Monday. According to CNBC, the spot gold price is up 1.1% to US$2,400.40 an ounce. The gold price rose in response to increasing geopolitical concerns.
