On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 0.1% to 7,058.4 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market is expected to rise again on Tuesday following a positive start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 17 points or 0.25% higher. In late trade in the United States, the Dow Jones is up 0.6%, the S&P 500 is up 0.75%, and the NASDAQ is 1.1% higher.
The TechnologyOne Ltd (ASX: TNE) share price will be on watch on Tuesday. That's because the enterprise software company is due to release its FY 2023 results. A very strong result is expected by the market. So much so, that some analysts believe the company will bring forward its $500 million ARR target by a whole year.
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 again overnight. According to Bloomberg, the WTI crude oil price is up 2.2% to US$77.57 a barrel and the Brent crude oil price is up 2.2% to US$82.38 a barrel. Speculation that OPEC could make further cuts boosted prices.
Gold price falls
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a subdued session after the gold price fell overnight. According to CNBC, the spot gold price is down 0.3% to US$1,978.6 an ounce. The gold price fell ahead of the release of minutes from the US Fed meeting.
Core Lithium shares downgraded
It is time to sell Core Lithium Ltd (ASX: CXO) shares again according to analysts at Goldman Sachs. This morning, the broker has downgraded the ASX 200 lithium share to a sell rating and cut its price target to 31 cents. Following lithium price weakness Goldman's analysts "now see increased risk that funding from existing cash/operating cash flows may be insufficient to fund BP33 development."