On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small decline. The benchmark index fell 0.35% to 7,026.5 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to rebound
The Australian share market is set to rise on Tuesday following a great start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 49 points or 0.7% higher. In late trade in the United States, the Dow Jones is up 1%, the S&P 500 is up 1.1%, and the NASDAQ is 1.3% higher.
Oil prices ease
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a subdued session after oil prices pulled back overnight. According to Bloomberg, the WTI crude oil price is down 1.1% to US$86.76 a barrel and the Brent crude oil price is down 1.2% to US$89.80 a barrel. Reports of a US-Venezuela supply deal put pressure on prices.
Liontown downgraded to sell
Analysts at Goldman Sachs have downgraded Liontown Resources Ltd (ASX: LTR) shares following the collapse of its takeover by Albemarle. According to the note, the broker has downgraded the lithium developer's shares to a sell rating with a $1.85 price target. This implies over 30% downside from current levels.
Gold price falls
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a poor session after the gold price fell overnight. According to CNBC, the spot gold price is down 0.45% to US$1,932.5 an ounce. Profit-taking appears to be weighing on the precious metal.
Telstra AGM
The Telstra Group Ltd (ASX: TLS) share price will be on watch today. That's because the telco giant is holding its annual general meeting on Tuesday and could provide an update on its performance during the first quarter at the event.
