On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a decline. The benchmark index fell 0.5% to 7,931.7 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
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ASX 200 expected to rebound
The Australian share market is expected to rebound on Tuesday following a strong start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 57 points or 0.7% higher. On Wall Street, the Dow Jones was up 0.3%, the S&P 500 rose 1.1%, and the Nasdaq pushed 1.6% higher.
Woodside update
Woodside Energy Group Ltd (ASX: WDS) shares will be on watch on Tuesday when the energy giant releases its second quarter update. During the first quarter, Woodside delivered production of 44.9 million barrels of oil equivalent (boe). The company will need to increase this level of production if it is to achieve its full year guidance of 185 million boe to 195 million boe in FY 2024. Investors may also want to keep an eye on the company's capital expenditure guidance, which currently stands at US$5 billion to US$5.5 billion.
Oil prices fall
It could be a subdued session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices softened overnight. According to Bloomberg, the WTI crude oil price is down 0.2% to US$79.95 a barrel and the Brent crude oil price is down 0.3% to US$82.36 a barrel. This was driven concerns over rising stockpiles and signs of weak demand.
Paladin Energy rated as a buy
The Paladin Energy Ltd (ASX: PDN) share price could be undervalued according to analysts at Bell Potter. According to the note, in response to its quarterly update, the broker has retained its buy rating and $15.70 price target. This implies potential upside of 26% for investors over the next 12 months. It said: "PDN operating a uranium asset in a bull market for the commodity is likely to command a premium to the sum-of-the-parts valuation in our opinion."
Gold price edges higher
It looks like ASX 200 gold miners Gold Road Resources Ltd (ASX: GOR) and Regis Resources Limited (ASX: RRL) could have a reasonably positive session on Tuesday after the gold price edged higher overnight. According to CNBC, the spot gold price is up slightly to US$2,400.7 an ounce. Rate cut optimism has been boosting the precious metal this month.
