On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 0.2% to 7,962.3 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to crash
The Australian share market is expected to crash on Tuesday following a selloff in the United States. According to the latest SPI futures, the ASX 200 is poised to open the day 98 points or 1.2% lower. In late trade on Wall Street, the Dow Jones is down 1.9%, the S&P 500 has dropped 2.5%, and the Nasdaq is 3.6% lower.
SEEK shares upgraded
The Seek Ltd (ASX: SEK) share price is no longer a sell according to analysts at Goldman Sachs. This morning, the broker has upgraded the job listings company's shares to a neutral rating with a $25.00 price target. It said: "With SEK trading -11% since Feb 19th, the day after its 1H25 result, we see valuation support, noting SEK: (1) trades on a 12mf EV/EBITDA, excluding SGF, of 14.6X – a discount to its 10Y avg. pre-SGF of 15.3X (noting EH transacted at a premium); and (2) 12mf EV/EBITDA of 18.8X is a -15% disc. to classified peers vs. FY22-FY25E avg. of -8%."
Oil prices tumble
It looks likely to be a poor session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices fell again overnight. According to Bloomberg, the WTI crude oil price is down 1.6% to US$65.98 a barrel and the Brent crude oil price is down 1.6% to US$69.22 a barrel. US recession concerns weighed on prices.
Shares going ex-dividend
A number of ASX 200 shares are going ex-dividend on Tuesday for their latest payouts and could trade lower. Among the companies that are trading ex-dividend are coal miner Coronado Global Resources Inc (ASX: CRN), media giant News Corp (ASX: NWS), and airline operator Qantas Airways Ltd (ASX: QAN). The latter is paying its first dividend since back in 2019. It will be paying eligible shareholders a fully franked 26.4 cents per share dividend on 16 April.
Gold price falls
ASX 200 gold miners Bellevue Gold Ltd (ASX: BGL) and Regis Resources Limited (ASX: RRL) could have a subdued session on Tuesday after the gold price dropped overnight. According to CNBC, the gold futures price is down 0.7% to US$2,893.9 an ounce. Not even safe haven demand could stop the gold price from falling.
