On Monday the S&P/ASX 200 Index (ASX: XJO) started the week with the smallest of gains. The benchmark index rose less than 0.1% to 6,773 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
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ASX 200 expected to rise
It looks like it could be a similarly subdued day for the Australian share market on Tuesday. According to the latest SPI futures, the ASX 200 is poised to open the day 5 points higher this morning. This follows a positive start to the week on Wall Street, which in late trade sees the Dow Jones up 0.1%, the S&P 500 up 0.2%, and the Nasdaq trading 0.6% higher.
Tech shares to rebound
Afterpay Ltd (ASX: APT), Xero Limited (ASX: XRO), and other ASX tech shares could have a better day on Tuesday after their US counterparts climbed higher overnight. In late trade the tech-focused Nasdaq index is up 0.6% and outperforming the rest of the US market. Given how the local tech sector tends to follow the Nasdaq's lead, this could mean a positive day lies ahead. Investors were buying tech stocks after bond yields eased.
Oil prices fall
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could trade lower today after oil prices pulled back. According to Bloomberg, the WTI crude oil price is down 0.5% to US$65.27 a barrel and the Brent crude oil price has fallen 0.6% to US$68.78 a barrel. Traders were selling oil despite the improving global economic outlook.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a positive day after the gold price pushed higher. According to CNBC, the spot gold price is up 0.4% to US$1,727.00 an ounce. Easing bond yields were behind the precious metal's gain.
Metcash strategy update
The Metcash Limited (ASX: MTS) share price will be on watch on Tuesday when it holds its eagerly anticipated strategy day. Goldman Sachs recently commented: "MTS is hosting a strategy day on the 16th of March. We expect to hear more about progress beyond mFuture and MTS' foray into omni-channel retailing at this stage. We expect this roadmap to potentially be a strong catalyst for MTS in the near term."
