On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a positive note and recorded a solid gain. The benchmark index rose 0.35% to 6,044.2 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise again.
The ASX 200 looks set to push higher again on Tuesday. According to the latest SPI futures, the benchmark index is expected to open the day 29 points or 0.5% higher this morning. This follows a positive night of trade on Wall Street, which saw the Dow Jones climb 0.4%, the S&P 500 rise 0.75%, and the Nasdaq storm 1.7% higher.
Tech shares on watch.
Tech shares including Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX) could be pushing notably higher today following a very positive night for their U.S. counterparts. The tech-heavy Nasdaq index jumped 1.7% overnight thanks to solid gains by the likes of Amazon and Apple. The two tech giants hit record highs on Monday. According to CNBC, market sentiment was given a boost by the coronavirus stimulus hopes and news that the U.S. government is allocating an additional US$472 million towards Moderna’s coronavirus vaccine research.
Oil prices push higher.
Energy producers including Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could be rise today after oil prices pushed higher. According to Bloomberg, the WTI crude oil price climbed 0.85% to US$41.64 a barrel and the Brent crude oil price rose 0.4% to US$43.52 a barrel.
Gold price hits record high.
Gold miners including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch on Tuesday after the gold price hit a record high. According to CNBC, the spot gold price rose 2% to US$1,937.40 an ounce amid coronavirus worries and rising US- China tensions.
Credit Corp results.
The Credit Corp Group Limited (ASX: CCP) share price will be another one to watch this morning when it releases its full year results. Earlier this month the debt collector advised that it expects its net profit after tax (before one-offs) to be in the range of $75 million to $80 million in FY 2020.