5 things to watch on the ASX 200 on Tuesday

Trick or treat? It looks set to be the latter for investors on Tuesday.

A smiling young man presents a selection of cupcakes decorated as spooky treats for the Halloween trick or treat tradition

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

Quarterly updates

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.

Motley Fool contributor James Mickleboro has positions in Endeavour Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

Ten smiling business people wave to the camera after receiving some winning company news.
Share Market News

Here are the top 10 ASX 200 shares today

The ASX 200 exploded higher today, with one share up more than 17%.

Read more »

A fresh-faced young woman holds an Australian flag aloft above her head as she smiles widely on a beach as though celebrating a national day or event where Australia has been successful.
Share Market News

9 ASX 200 shares that stand to benefit from a rising Aussie dollar

A number of ASX 200 shares have historically tended to outperform in times of a strengthening Australian dollar.

Read more »

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
Record Highs

These 2 leading ASX 200 stocks are smashing all-time record highs today

Records are tumbling on the ASX 200 today as two leading stocks charge higher into uncharted territory.

Read more »

Two happy pharmacists standing together in a pharmacy.
Healthcare Shares

ASX 300 healthcare stock Sigma halted amid rumours of blockbuster Chemist Warehouse deal

Is Chemist Warehouse finally joining the ASX?

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why Chalice Mining, Core Lithium, Perpetual, and Polynovo shares are racing higher

These ASX shares are having a very strong session on Wednesday. But why?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Evolution, Galan Lithium, Life360, and Resolute shares are dropping today

These ASX shares are missing out on the good times today.

Read more »

Three people in a corporate office pour over a tablet, ready to invest.
Share Market News

Meet the ASX All Ords shares that management is buying up

These shares have all seen significant insider buying over the past week.

Read more »

A female ASX investor looks through a magnifying glass that enlarges her eye and holds her hand to her face with her mouth open as if looking at something of great interest or surprise.
Broker Notes

Top brokers name 3 ASX shares to buy today

Here's what brokers are recommending as buys this week.

Read more »