On Monday, the S&P/ASX 200 Index (ASX: XJO) had one of its worst sessions in recent times. The benchmark index crashed 3.7% to 7,649.6 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
ASX 200 expected to fall again
The Australian share market is expected to fall again on Tuesday following a very bad start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 37 points or 0.5% lower. On Wall Street, the Dow Jones was down 2.6%, the S&P 500 tumbled 3%, and the Nasdaq sank 3.4%.
Woodside $3.6b acquisition
Woodside Energy Group Ltd (ASX: WDS) shares will be on watch on Tuesday after the energy giant announced its second major acquisition in as many weeks. According to the release, Woodside has entered into an agreement to acquire OCI Clean Ammonia and its lower carbon ammonia project in Texas for an all-cash consideration of approximately US$2.35 billion (A$3.6 billion). The project is located on the US Gulf Coast and has a phase 1 design capacity of 1.1 Mtpa. First ammonia production, which will be derived from natural gas, is targeted for 2025.
Oil prices creep higher
It could be a better session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices edged higher overnight. According to Bloomberg, the WTI crude oil price is up 0.3% to US$73.74 a barrel and the Brent crude oil price is up 0.4% to US$77.13 a barrel. Traders appear to believe that oil prices have been oversold in recent sessions.
Life360 rated as a buy
Life360 Inc (ASX: 360) shares could be a buy this earnings season according to analysts at Goldman Sachs. The broker is expecting a strong result from the location technology company and sees scope for guidance ahead of expectations. It said: "360, benefiting from the dual tailwinds of strong core Subscription growth and the introduction of high-margin Advertising revenue, is well placed to exceed guidance and VA Consensus expectations through CY24 and continue re-rating towards tech peers." Goldman has a buy rating and $16.05 price target on its shares.
Gold price falls
It looks like ASX 200 gold miners Gold Road Resources Ltd (ASX: GOR) and Regis Resources Limited (ASX: RRL) could have a poor session on Tuesday after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.8% to US$2,449.40 an ounce. It seems that even gold has been caught up in the market selloff.
