On Monday the S&P/ASX 200 index started the week on a disappointing note. The benchmark index fell 0.4% higher to 6,766.8 points.
Will the market perform better on Tuesday? Here are five things to watch:
ASX futures pointing lower.
The S&P/ASX 200 index looks set to edge lower again this morning. According to the latest SPI futures, the S&P/ASX 200 index is expected to drop a single point lower at the open. This is despite Wall Street starting the week on a mildly positive note. In late trade the Dow Jones is up 0.1%, the S&P 500 index has risen 0.1%, and the Nasdaq is pushing 0.2% higher.
A2 Milk annual general meeting.
The highly anticipated A2 Milk Company Ltd (ASX: A2M) annual general meeting is taking place in New Zealand this morning. Traditionally, the fresh milk and infant formula company provides a trading update for the first four months of the financial year. There are concerns that management’s increased investment in sales and marketing activities could be weighing heavily on margins.
Oil prices sink.
Energy shares such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could come under pressure today after oil prices sank lower. According to Bloomberg, the WTI crude oil price fell 1.4% to US$56.91 a barrel and the Brent crude oil price tumbled 1.6% to US$62.29 a barrel. Oversupply concerns weighed on prices.
Gold price higher.
Newcrest Mining Limited (ASX: NCM) and Resolute Mining Limited (ASX: RSG) shares could push higher today after the spot gold price rebounded. According to CNBC, the spot gold price rose 0.2% to US$1,471.7 an ounce. The price of the precious metal rose after trade deal hopes faded.
Annual general meetings
The Pro Medicus Limited (ASX: PME) share price and the REA Group Limited (ASX: REA) share price will be on watch today. Both companies are holding their annual general meetings and could provide trading updates.
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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 Pro Medicus Ltd. The Motley Fool Australia owns shares of A2 Milk. The Motley Fool Australia has recommended Pro Medicus Ltd. and REA Group 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.