On Monday the S&P/ASX 200 Index (ASX: XJO) gave back the majority of its morning gains but still finished higher for the day. The benchmark index rose 0.45% to 6,739.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise
The Australian share market looks set to push higher again on Tuesday. According to the latest SPI futures, the ASX 200 is poised to open the day 56 points or 0.8% higher this morning. This follows a strong start to the week on Wall Street, which in late trade sees the Dow Jones up 1.6% and the S&P 500 up 0.4%. However, the Nasdaq index is missing out on the gains and is down 1.3%.
Tech shares on watch
Tech shares such as Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) could come under pressure again after US tech shares tumbled overnight. In late trade the Nasdaq index is down 1.3%. Investors are continuing to dump high-flying tech stocks amid rising rates. Both Apple and Tesla dropped more than 3% at one stage.
Oil prices soften
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could come under pressure today after oil prices pulled back. According to Bloomberg, the WTI crude oil price is down 1.8% to US$64.92 a barrel and the Brent crude oil price has fallen 1.8% to US$68.14 a barrel. This appears to have been driven by profit taking from traders after some strong gains.
Gold price drops
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could trade lower today after the gold price dropped again. According to CNBC, the spot gold price is down a further 1.1% to US$1,679.20 an ounce. Rising bond yields and a stronger US dollar are weighing on the price of the precious metal.
Shares going ex-dividend
A number of shares are going ex-dividend this morning and could trade lower. One of those is Sonic Healthcare Limited (ASX: SHL), which is trading without the rights to its partially franked 36 cents per share dividend. This will then be paid to eligible investors later this month on 24 March.
