On Monday the S&P/ASX 200 index started the week on a disappointing note. The benchmark index fell 0.25% to 6,804.9 points.
Will the local share market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to sink lower.
The S&P/ASX 200 index looks set to end the year with a day deep in the red. According to the latest SPI futures, the ASX 200 is poised to fall 0.9% or 61 points at the open. This follows a poor night of trade on Wall Street which in late trade sees the Dow Jones down 0.6%, the S&P 500 0.55% lower, and the Nasdaq index down 0.6%.
Early close for NYE.
The Australian share market will be closing early on New Year’s Eve. The ASX is due to close at 14:10 Eastern time and will remain closed on New Year’s Day, before reopening as normal on Thursday January 2 at 10:00 Eastern time.
Oil prices mixed.
Energy shares such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch today after a mixed night of trade for oil prices. According to Bloomberg, the WTI crude oil price fell 0.1% to US$61.66 a barrel and the Brent crude oil price climbed 0.35% to US$68.40 a barrel.
Gold price edges higher.
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could be on the rise on Tuesday after the spot gold price edged higher again. According to CNBC, the spot gold price edged slightly higher to US$1,518.40 an ounce.
Tech shares under pressure.
Australian tech stars Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) could end the year in the red. This follows a disappointing night of trade on the technology-focused Nasdaq index overnight. At the time of writing most major tech shares are trading lower on Wall Street amid profit taking from investors.
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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 AFTERPAY T FPO. The Motley Fool Australia owns shares of Appen Ltd. 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.