On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 0.15% to 8,308.2 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 fall
The Australian share market is expected to fall on Tuesday following 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 38 points or 0.45% lower. In late trade on Wall Street, the Dow Jones is up 0.4%, but the S&P 500 is flat and the Nasdaq is 0.5% lower.
Buy NextDC shares
The Nextdc Ltd (ASX: NXT) share price is in the buy zone according to analysts at Goldman Sachs. This morning, the broker has retained its buy rating on the data centre operator's shares with a trimmed price target of $17.10. This implies potential upside of almost 21% for investors from current levels. It said: "Longer term NXT re-iterated its views that recent improvements in AI models are a positive for the company, as it will accelerate timeline to inference demand, which it will be a greater beneficiary from."
Oil prices rise
It could be a good session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 0.5% to US$70.74 a barrel and the Brent crude oil price is up 0.5% to US$74.81 a barrel. Traders may believe that oil prices have been oversold following recent weakness.
Woodside full year results
The Woodside Energy Group Ltd (ASX: WDS) share price will be on watch on Monday when the energy giant releases its full year results. According to a note out of Goldman Sachs, its analysts are expecting the company to report revenue of US$13.1 billion, EBITDAX of US$9.5 billion, and a net profit after tax of US$2.9 billion. This is expected to underpin a full year dividend of 111 US cents per share.
Gold price rises
ASX 200 gold miners such as Bellevue Gold Ltd (ASX: BGL) and Regis Resources Limited (ASX: RRL) could have a decent session on Tuesday after the gold price pushed higher again overnight. According to CNBC, the gold futures price is up 0.35% to US$2,963.5 an ounce. Not even some profit taking could hold back the precious metal.
