On Monday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) started the week on a positive note. The benchmark index finished the day 0.3% higher at 5,941.3 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX futures pointing lower.
The Australian share market is expected to give back yesterday’s gains and more on Tuesday. According to the latest SPI futures, the ASX 200 is poised to open the day 60 points or 1% lower this morning. This follows a disappointing start to the week on Wall Street which has seen the Dow Jones fall 1.8%, the S&P 500 decline 1.65%, and the Nasdaq tumble 2.2% lower ahead of the close.
Oil prices fall.
Energy shares such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) started the week on a positive note after OPEC suggested that it would cut its production next month to support prices. However, a tweet by President Trump requesting OPEC not to cut production appears to have spooked markets and sent oil prices tumbling. According to Bloomberg, the WTI crude oil price is down 0.8% to US$59.71 a barrel and the Brent crude oil price has fallen 0.45% to US$69.87 a barrel.
Westpac shares going ex-dividend.
The Westpac Banking Corp (ASX: WBC) share price is likely to trade lower today when it goes ex-dividend for its 94 cents per share final fully franked dividend. Eligible shareholders will then receive this dividend on December 20.
Annual general meetings.
A number of companies are holding their annual general meetings today and could provide trading updates. These include appliance manufacturer Breville Group Ltd (ASX: BRG) and property group Cedar Woods Properties Limited (ASX: CWP).
Tech shares could fall.
Tech shares including Afterpay Touch Group Ltd (ASX: APT) and WiseTech Global Ltd (ASX: WTC) could come under pressure on Tuesday after another tech selloff in the United States. All FAANG stocks fell heavily, but Apple was the worst performer after one of its suppliers cut its guidance due to lower orders from a “major customer”.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Apple. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool Australia owns shares of AFTERPAY T FPO and WiseTech Global. The Motley Fool Australia has recommended Apple. 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.