On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with another decline. The benchmark index fell 0.8% to 6,772.9 points.
Will the market be able to bounce back from this on Halloween? Here are five things to watch:
ASX 200 expected to rebound
The Australian share market is set to rebound on Tuesday following a very positive start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 31 points or 0.4% higher. In late trade in the United States, the Dow Jones is up 1.7%, the S&P 500 is up 1.7%, and the NASDAQ is 1.3% higher.
Oil prices tumble
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a difficult session after oil prices tumble overnight. According to Bloomberg, the WTI crude oil price is down 3.45% to US$82.57 a barrel and the Brent crude oil price is down 2.8% to US$87.92 a barrel. Easing supply concerns from the Middle East were behind the pullback in prices.
IGO rated as a buy
Analysts at Goldman Sachs remain positive on IGO Ltd (ASX: IGO) shares following its quarterly update sell-off. In response to the update, the broker has retained its buy rating with a trimmed price target of $12.70. Goldman said: "[W]ith Greenbushes the lowest cost Australian spodumene producer, IGO noted that Greenbushes shareholders have a strong incentive to ensure volumes still flow to market. As such, while the stockpiling of volumes was the easiest solution in the near-term, we would expect a potential solution to be in place into the Mar-24 quarter."
Gold price rises
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent session after the gold price rose overnight. According to CNBC, the spot gold price is up 0.4% to US$2,006.5 an ounce. Traders have been buying gold ahead of the US Federal Reserve meeting.
Today is the final day of the month which means the last day to get out quarterly updates. Among those expected to release updates today are energy giant Origin Energy Ltd (ASX: ORG) and gold miner Resolute Mining Ltd (ASX: RSG). In addition, Endeavour Group Ltd (ASX: EDV) is holding its AGM and its board is widely expected to come under fire from major shareholders.