On Monday the S&P/ASX 200 Index (ASX: XJO) gave back its morning gains and ended the day slightly lower. The benchmark index fell 0.2% to 6,155.6 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to sink lower.
The Australian share market looks set to sink notably lower on Tuesday after rising COVID-19 levels led to global markets being sold off overnight. According to the latest SPI futures, the ASX 200 is expected to open the day 57 points or 0.9% lower this morning. In late trade on Wall Street the Dow Jones is down 2.8%, the S&P 500 has fallen 2.3%, and the Nasdaq has dropped 2.1% lower.
NAB rated as a buy.
The National Australia Bank Ltd (ASX: NAB) share price is in the buy zone according to analysts at Goldman Sachs. This morning the broker retained its conviction buy rating but trimmed its price target slightly to $20.89. Goldman remains very positive on NAB, even after factoring its recent remediation and one-offs into the equation.
Gold price trades flat.
Unfortunately for gold miners like Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST), the market selloff hasn’t led to the gold price storming higher. According to CNBC, the spot gold price is trading mostly flat at US$1,904.20 an ounce. COVID-19 fears were offset by a stronger U.S. dollar.
Oil prices tumble lower.
Energy shares such as Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could drop lower today after oil prices tumbled lower. According to Bloomberg, the WTI crude oil price is down 3.2% to US$38.56 a barrel and the Brent crude oil price has fallen 3.15% to US$40.46 a barrel. This was driven by concerns that rising COVID-19 cases could reduce demand for oil.
Annual general meetings.
A number of companies are holding their annual general meetings today and could provide updates at their virtual events. This includes regional bank Bendigo and Adelaide Bank Ltd (ASX: BEN), building products company Boral Limited (ASX: BLD), and auto & water products company GUD Holdings Limited (ASX: GUD).
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.
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