On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a very small decline. The benchmark index fell 1.6 points to 6,789.9 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
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ASX 200 expected to rise
The Australian share market is expected to open the day higher on Tuesday despite a mixed start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 28 points or 0.4% higher. On Wall Street the Dow Jones rose 0.3%, the S&P 500 edged 0.1% higher, and the NASDAQ dropped 0.4%.
Flight Centre rated neutral
The Flight Centre Travel Group Ltd (ASX: FLT) share price continues to be rated as neutral by Goldman Sachs despite the travel agent's guidance upgrade. This morning the broker reiterated its neutral rating with a $20.90 price target. Though, it is worth noting that Goldman's price target still implies upside of almost 19% for investors.
Oil prices rise
It could be a good day for energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices pushed higher again overnight. According to Bloomberg, the WTI crude oil price is up 2.1% to US$96.71 a barrel and the Brent crude oil price has risen 1.85% to US$105.10 a barrel. A softer US dollar and supply concerns boosted commodity prices.
South32 a strong buy
The South32 Ltd (ASX: S32) share price could be great value according to Goldman Sachs. This morning the broker responded to the miner's quarterly update by reiterating its conviction buy rating with a $4.90 price target. Goldman notes that the mining giant's "FCF [is] set to jump in FY23 despite higher costs."
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a tough day after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.6% to US$1,716.8 an ounce. Traders were selling the precious metal ahead of the US Federal Reserve interest rate meeting this week.
