On Monday the S&P/ASX 200 index started the week on a disappointing note, falling 0.2% to 6,297.6 points due largely to weakness in the banking sector.
Will the market be able to bounce back on Tuesday? Here are five things to watch:
ASX futures pointing sharply lower.
The Australian share market looks set to drop sharply on Tuesday after trade war concerns weighed on global markets. According to the latest SPI futures, the ASX 200 is expected to open the day 55 points or 0.9% lower this morning. On Wall Street the Dow Jones fell 2.4%, the S&P 500 dropped 2.4%, and the Nasdaq sank 3.4%.
Tech shares on watch.
Australian tech shares such as Altium Limited (ASX: ALU), Appen Ltd (ASX: APX), and WiseTech Global Ltd (ASX: WTC) could come under pressure today after their U.S. counterparts were sold off overnight. Trade war concerns led to the technology-focused Nasdaq index sinking 3.4% lower on Wall Street.
Oil prices lower.
Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) shares could drop lower today after oil prices started the week on a disappointing note. According to Bloomberg, the WTI crude oil price dropped 1.35% to US$60.83 a barrel and the Brent crude oil price tumbled 1% to US$69.94 a barrel.
Gold price higher.
It could be a good day for Australian gold miners such as Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM). According to CNBC, market volatility led to increasing demand for safe haven assets and led to the spot gold price climbing 1% to US$1,300.50 an ounce.
NAB shares trade ex-dividend.
The National Australia Bank Ltd (ASX: NAB) share price is likely to trade lower this morning when the banking giant’s shares go ex-dividend for its interim dividend. Eligible shareholders will receive the bank’s fully franked 83 cents per share on July 3
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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 WiseTech Global. The Motley Fool Australia owns shares of Altium, Appen Ltd, and National Australia Bank 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.