5 things to watch on the ASX 200 on Tuesday

Here’s what to watch on the ASX 200 on Tuesday…

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On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the year in a disappointing fashion. The benchmark index fell 0.9% to 7,444.6 points.

Will the market be able to bounce back from this on Tuesday and start the year on a positive note? Here are five things to watch:

ASX 200 futures pointing lower but…

The Australian share market is set to return to trade this morning in a disappointing fashion. According to the latest SPI futures from New Year’s Eve, the ASX 200 is expected to open the day 1% or 88 points lower. Though, that could all change once the strong start to the year on Wall Street is taken into account. In late trade, the Dow Jones up 0.5%, the S&P 500 is up 0.45%, and the Nasdaq is trading 0.95% higher.

Apple becomes a US$3 trillion company

Following a strong night of trade on the tech-focused Nasdaq index, tech behemoth Apple has seen its shares rise to a level that gives it a US$3 trillion company. The iPhone maker is the first company to achieve this milestone.

Oil prices rise

Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could have a good start to the week after oil prices pushed higher. According to Bloomberg, the WTI crude oil price is up 0.75% to US$75.79 a barrel and the Brent crude oil price has risen 1.15% to US$78.66 a barrel. This appears to have been driven by news that Libyan output will drop 200,000 barrels per day for one week due to pipeline maintenance.

Gold price sinks

Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could start the week in the red after the gold price dropped. According to CNBC, the spot gold price is down 1.5% to US$1,801 an ounce. The gold price slipped amid the strength in equities.

Iron ore price rises

It could be a good day for BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) shares on Tuesday following a rise in the iron ore price. According to Metal Bulletin, the spot benchmark iron ore price has risen 1.3% to US$122.26 a tonne.

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