On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a very positive note. The benchmark index rose 1.3% to 7,278.5 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 fall
The Australian share market looks set to give back the majority of yesterday's gains on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 75 points or 1.05% lower this morning. This follows a bad start to the week on Wall Street. In late trade, the Dow Jones has dropped 1%, the S&P 500 has fallen 1.3%, and the Nasdaq is tumbling 2.1%.
Xero shares rated as a buy
The Xero Limited (ASX: XRO) share price continues to be in the buy zone according to analysts at Goldman Sachs. According to the note, the broker has retained its buy rating and $165.00 price target on the cloud accounting company's shares. This follows an investor day event from rival Intuit.
Oil prices storms higher
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could push higher after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 2.4% to US$77.69 a barrel and the Brent crude oil price has risen 2.6% to US$81.33 a barrel. News that OPEC plans to stick to gradual supply increases sent oil prices hurtling higher.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price pushed higher. According to CNBC, the spot gold price is up 0.4% to US$1,765.6 an ounce. The safe haven asset rose amid further market volatility.
Dividends being paid
It is pay day for the shareholders of a number of ASX 200 shares. Among the companies paying dividends on Tuesday are Atlas Arteria Group (ASX: ALX), Cleanaway Waste Management Ltd (ASX: CWY), NIB Holdings Limited (ASX: NHF) and SEEK Limited (ASX: SEK).
