On Monday the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had a disappointing start to the week. It finished the day 0.6% lower at 5,904.9 points.
Will the market be able to bounce back on Tuesday? Here are five things to watch:
ASX futures pointing lower.
The Australian share market is expected to trade lower this morning. According to the latest SPI futures, the local market is poised to open 0.2% or 12 points lower on Tuesday. This follows a mixed night of trade on Wall Street which saw the Dow Jones fall 0.3%, the S&P 500 decline 0.15%, and the Nasdaq rise a solid 0.5%.
Tech shares could rebound.
Some of the worst performers on the Australian share market yesterday were tech shares such as Appen Ltd (ASX: APX) and WiseTech Global Ltd (ASX: WTC). They could be better performers today after the Nasdaq pushed notably higher overnight. Chinese tech stocks were the key driver of the Nasdaq’s outperformance.
National petrol prices hit decade high.
Rising oil prices and a weaker Australian dollar led to the average national petrol price reaching a decade high of 159.3 cents a litre on Monday according to CommSec. There are concerns that rising fuel prices could hit consumer spending and particularly discretionary items. Last week Reject Shop Ltd (ASX: TRS) blamed rising basic expenses for its poor performance in FY 2019.
Oil prices edge higher.
The bad news for consumers is that fuel prices could rise further after oil prices continued their upward trend. According to Bloomberg, the WTI crude oil price rose 0.1% to US$69.17 a barrel and the Brent crude oil price pushed 0.4% higher to US$80.10 a barrel.
Annual general meetings.
A number of companies have scheduled their annual general meetings for today. These include supply chain logistics company Brambles Limited (ASX: BXB), furniture retailer Nick Scali Limited (ASX: NCK), fleet management company SG Fleet Group Ltd (ASX: SGF), and engineering company Worleyparsons Limited (ASX: WOR). Each company is expected to provide a trading update ahead of their meeting.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd and WiseTech Global. The Motley Fool Australia has recommended The Reject Shop Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.