The S&P/ASX 200 Index (ASX: XJO) went into the Easter break on a disappointing note. The benchmark index fell 0.3% to 7,214.9 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 fall
The Australian share market looks set to fall again on Tuesday following a subdued start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 12 points or 0.2% higher. In late trade in the United States, the Dow Jones is up 0.1%, the S&P 500 is down 0.1%, and the NASDAQ is down 0.1%.
Oil prices tumble
Energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have tough session after oil prices tumbled overnight. According to Bloomberg, the WTI crude oil price is down 1.1% to US$79.83 a barrel and the Brent crude oil price is down 1% to US$84.28 a barrel. Recession and rate hike concerns appear to be weighing on prices.
Buy Eagers ahead of Bapcor: Morgans
The team at Morgans has been running the rule over the auto and autoparts industry and is telling investors to buy Eagers Automotive Ltd (ASX: APE) ahead of Bapcor Ltd (ASX: BAP). Morgans has an add rating and $15.85 price target on Eagers shares and a holding rating and $7.40 price target on Bapcor's shares. The broker notes that electric vehicle sales have now hit 7.4% of the market and highlights that Eagers has "direct leverage to EV penetration."
Gold price drops
It could be a poor day for gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) after the gold price dropped overnight. According to CNBC, the spot gold price is down 1% to US$2,005.9 an ounce. The release of strong US jobs data appears supportive of further rate hikes.
Dividends being paid
A number of ASX 200 shares will be rewarding their shareholders with their latest dividend payments on Tuesday. This includes New Zealand based telco Chorus Ltd (ASX: CNU), integrated services company Downer EDI Ltd (ASX: DOW), administration services company Link Administration Holdings Ltd (ASX: LNK).
