On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 0.2% to 7,789.1 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
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ASX 200 expected to rise again
The Australian share market is expected to rise again on Tuesday despite a flat start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 33 points or 0.4% higher. In the United States, the Dow Jones and the S&P 500 were down slightly and the NASDAQ edged ever so slightly higher.
Life360 shares can keep rising
Life360 Inc (ASX: 360) shares started the week with a bang on Monday. They ended yesterday's session 17% higher thanks to the release of a quarterly update which revealed a record three months. Life360 reported 4.9 million net adds to monthly active users during the quarter, bringing its total beyond 66 million. Bell Potter was impressed with the update. In response, it has reiterated its buy rating and lifted its price target to $16.25. It said: "Life360 provided a positive and unexpected market update with two key metrics in 1Q2024 materially exceeding both our and market expectations."
Oil prices fall
ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) could have a subdued session on Tuesday after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 0.45% to US$86.51 a barrel and the Brent crude oil price is down 0.7% to US$90.50 a barrel. Traders were selling oil after Middle East tensions eased.
Flight Centre shares downgraded
The Flight Centre Travel Group Ltd (ASX: FLT) share price could be overvalued according to analysts at Goldman Sachs. This morning, the broker has downgraded the travel agent's shares to a sell rating with a trimmed price target of $18.30. This implies potential downside of approximately 15% for investors from current levels. Goldman Sachs has warned that "moderating corporate travel and intensifying SME competition could lead to margin disappointment."
Gold price rises
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a good session after the gold price pushed higher again on Monday. According to CNBC, the spot gold price is up 0.5% to US$2,357.4 an ounce. Demand from Asian central banks helped take the gold price to a new record high during Monday night's session.
