On Monday the S&P/ASX 200 Index (ASX: XJO) started the week in a strange manner. The benchmark index rose 1.2% to 6,484.3 points but was only open for 24 minutes after a system failure at the Australian stock exchange.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to edge lower.
The Australian share market looks set to edge lower this morning if it opens as planned. According to the latest SPI futures, the ASX 200 is expected to fall 3 points this morning. In late trade on Wall Street, the Dow Jones is up 1.15%, the S&P 500 has risen 0.75%, and the Nasdaq is up 0.5%.
Moderna COVID-19 vaccine 94.5% effective.
And then there were two. Overnight Moderna revealed that preliminary phase three trial data shows that its COVID-19 vaccine is 94.5% effective in preventing COVID-19. This follows an update by Pfizer last week which revealed that its vaccine was more than 90% effective again COVID-19. Moderna's vaccine candidate, like that of the Pfizer vaccine, is using mRNA technology. This is a new approach to vaccines that uses genetic material to provoke an immune response.
Oil prices charge higher.
It could be a good day for energy shares such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) after oil prices charged higher. According to Bloomberg, the WTI crude oil price is up 2.9% to US$41.34 a barrel and the Brent crude oil price is up 2.5% to US$43.86 a barrel. These gains were driven by the COVID-19 vaccine news.
Afterpay annual general meeting.
The Afterpay Ltd (ASX: APT) share price could be on the move today when it holds its annual general meeting. Last month the payments company released a business update which revealed first quarter underlying sales growth of 115% to $4.1 billion. If Afterpay releases another trading update, investors will no doubt be keen to see if this sales growth has been maintained.
Gold price flat.
Gold miners including Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch today after the gold price traded flat. According to CNBC, the spot gold price is fetching US$1,886.20 an ounce. The precious metal gave back its earlier gains after the COVID-19 vaccine news sunk in.
