On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a disappointing fashion. The benchmark index sank 1.2% to 8,191.9 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 slightly on Tuesday after a mixed start to the week in the United States. According to the latest SPI futures, the ASX 200 is poised to open the day 23 points or 0.3% higher. In late trade on Wall Street, the Dow Jones is up 0.6%, but the S&P 500 is down 0.15% and the Nasdaq is 0.8% lower.
Buy the Newmont shares
The team at Goldman Sachs thinks investors should be buying Newmont Corporation (ASX: NEM) shares. This morning, the broker has initiated coverage on the gold miner's shares with a buy rating and $76.20 price target. This implies potential upside of almost 20% over the next 12 months. It said: "Newmont has one of the strongest EBITDA growth outlooks amongst our Australian gold coverage on a medium-term view on the back of production improvements across new and existing projects, further supported by gold pricing strength."
Oil prices jump
It could be a great session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) on Tuesday after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 3% to US$78.88 a barrel and the Brent crude oil price is up 1.5% to US$80.98 a barrel. This was driven by expectations that Chinese and Indian supplies could be hit by Russian sanctions.
Telix beats guidance
Telix Pharmaceuticals Ltd (ASX: TLX) shares will be on watch today after the ASX 200 biotech stock beat its guidance for FY 2024. After the market close, the company revealed that FY 2024 unaudited revenue is approximately US$517 million (A$783 million). This exceeds its previously stated guidance of US$490 million to US$510 million, representing a 55% increase over FY 2023.
Gold price falls
ASX 200 gold miners including Bellevue Gold Ltd (ASX: BGL) and Regis Resources Limited (ASX: RRL) could have a poor session on Tuesday after the gold price tumbled overnight. According to CNBC, the gold futures price is down 1.3% to US$2,678.6 an ounce. A stronger US dollar put pressure on the precious metal.
