On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a disappointing fashion. The benchmark index fell 0.3% to 6,719.9 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 rebound
The Australian share market is expected to rebound on Tuesday following a solid start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 52 points or 0.8% higher. In the United States, the Dow Jones rose 0.65%, the S&P 500 was up 0.7%, and the NASDAQ climbed 0.75%.
Tech shares on watch
It could be a decent day for ASX 200 tech shares such as WiseTech Global Ltd (ASX: WTC) and Xero Limited (ASX: XRO) after their US counterparts stormed higher on Monday night. The tech focused NASDAQ index rose 0.75%. Investors appear to believe recent weakness has created a buying opportunity. Though, with the US Federal Reserve meeting this week, it could be a volatile few days.
Oil prices edge higher
It could be a decent day for energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices edged higher overnight. According to Bloomberg, the WTI crude oil price is up 0.5% to US$85.53 a barrel and the Brent crude oil price has risen 0.55% to US$91.84 a barrel. Supply uncertainty outweighed demand concerns and boosted prices.
Coal dividends being paid
Coal miners Coronado Global Resources Inc (ASX: CRN) and Yancoal Australia Ltd (ASX: YAL) will be paying their respective shareholders a share of their bumper coal profits later today. Coronado is paying a 7.6 cents per share dividend and Yancoal is paying a 52.7 cents per share dividend to shareholders.
Gold price flat
Gold miners such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued day after the gold price traded flat overnight. According to CNBC, the spot gold price is fetching US$1,683.6 an ounce. The gold price is trading near a 29-month low ahead of the US Fed's meeting.
