On Monday the S&P/ASX 200 index started the week on a disappointing note. The benchmark index finished the day 0.3% lower to 6,530.9 points.
Will the market be able to bounce back on Tuesday? Here are five things to watch:
ASX expected to edge higher.
The Australian share market is poised to open the day ever so slightly higher following a positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 index is expected to open the day 3 points higher this morning. On Wall Street the Dow Jones rose 0.1%, the S&P 500 climbed 0.1%, and the Nasdaq stormed 0.6% higher.
Coles investor day.
The Coles Group Ltd (ASX: COL) share price will be on watch on Tuesday when it holds its Investor Day event. All eyes will be on its operational restructuring and productivity improvements. Last week the supermarket giant revealed that it was cutting a significant number of jobs at its head office. More details are expected to be provided today.
Oil prices tumble.
Australian energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could slide lower today after oil prices tumbled lower amid weak economic data. According to Bloomberg, the WTI crude oil price fell 1% to US$51.96 a barrel and the Brent crude oil price dropped 1.5% to US$61.06 a barrel.
Gold price lower.
It looks set to be a mixed day of trade for Australian gold miners such as Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) on Tuesday after the spot gold price edged lower. According to CNBC, the spot gold price is down 0.1% to US$1,343.50 an ounce.
Tech shares could climb higher.
A very positive start to the week for the technology-focused Nasdaq index could give the shares of Altium Limited (ASX: ALU) and Xero Limited (ASX: XRO) a boost this morning. The Nasdaq index climbed 0.6% ahead of the start of the U.S. Federal Reserve's two-day monetary policy meeting.
