On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose almost 0.1% to 8,972.4 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 looks set to fall on Tuesday following a poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 31 points or 0.35% lower. In the United States, the Dow Jones dropped 0.8%, the S&P 500 fell 0.4%, and the Nasdaq edged 0.2% lower.
Fortescue FY 2025 results
The Fortescue Ltd (ASX: FMG) share price could be on the move today when the iron ore giant releases its FY 2025 results. Bell Potter is expecting the miner to report sales revenue of US$15,178 million and an adjusted net profit after tax of US$3,239 million. The latter will be down a sizeable 43% on the prior corresponding period. This is expected to lead to the Fortescue board cutting its full year dividend down to 105 Australian cents per share
Oil prices rise
It could be a good session for ASX 200 energy shares Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices charged higher again overnight. According to Bloomberg, the WTI crude oil price is up 1.8% to US$64.79 a barrel and the Brent crude oil price is up 1.55% to US$68.78 a barrel. Oil prices have been rising in recent days after Russia-Ukraine peace talks stalled.
Pilbara Minerals shares downgraded
Pilbara Minerals Ltd (ASX: PLS) shares are fully valued according to analysts at Bell Potter. This morning, in response to the lithium miner's full year results, the broker has downgraded its shares to a hold rating (from buy) with an improved price target of $2.10 (from $2.00). It said: "While we expect lithium prices to remain volatile, we hold a robust EV-demand driven long-term market outlook and believe higher prices are required to incentivise new supply. We move to a hold recommendation on our valuation and in line with our recommendation structure."
Gold price softens
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a subdued session on Tuesday after the gold price softened overnight. According to CNBC, the gold futures price is down 0.25% to US$3,410.5 an ounce. Traders appear to be waiting for clarity on the US Federal Reserve's rate cut plans.
