On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small decline. The benchmark index fell 0.1% to 7,735.8 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to edge lower
The Australian share market is expected to edge lower on Tuesday following a subdued start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 1 point lower. In late trade in the United States, the Dow Jones is down 0.1%, the S&P 500 is up 0.15%, and the NASDAQ is flat.
Coles goes ex-dividend
Coles Group Ltd (ASX: COL) shares will be going ex-dividend on Tuesday for its upcoming dividend payment and could trade lower. The supermarket giant is paying a fully franked 36 cents per share dividend to shareholders. They can look forward to receiving this pay out later this month on 27 March.
Oil prices fall
ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) could have a poor session after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 1.6% to US$78.72 a barrel and the Brent crude oil price is down 1% to US$82.70 a barrel. This is despite news that OPEC is extending its cuts until mid-2024.
Iron ore price rises
BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) shares will be on watch after the iron ore price rebounded on Monday. The benchmark iron ore price rose 2.1% to US$115.60 a tonne. However, this wasn't enough to get the miners' shares into positive territory on Wall Street overnight.
Gold price storms higher
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a great session after the gold price stormed to a three-month high overnight. According to CNBC, the spot gold price is up 1.35% to US$2,124.1 an ounce. This was driven by increasing rate cut hopes.
