On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decline. The benchmark index fell 0.4% to 6,948.8 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 expected to rebound strongly on Tuesday following a reasonably positive start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 56 points or 0.8% higher. In late trade in the United States, the Dow Jones is up 0.25%, the S&P 500 is up 0.1%, and the NASDAQ is flat.
CBA Q1 update
All eyes will be on Commonwealth Bank of Australia (ASX: CBA) shares on Tuesday. That's because Australia's largest bank will be wrapping up reporting season in the banking sector with the release of its first quarter update for FY 2024.
Oil prices rise
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a good session after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 1.3% to US$78.21 a barrel and the Brent crude oil price is up 1.3% to US$82.49 a barrel. This follows the release of a report from OPEC that counters market concern over waning demand.
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 0.65% to US$1,950.5 an ounce. The gold price rose ahead of the release of US inflation data this week.
ASX 200 lithium miners on watch
ASX 200 lithium shares like Pilbara Minerals Ltd (ASX: PLS) will be on watch today after Exxon Mobil Corp (NYSE: XOM) announced its entry into the lithium market. According to CNBC, the US oil giant is starting a lithium drilling operation in Arkansas after purchasing 120,000 acres of land at a geological site called the Smackover formation. Exxon wants to supply enough lithium to support the manufacture of 1 million electric vehicles annually by 2030.
