On Monday, the S&P/ASX 200 Index (ASX: XJO) roared back to life and recorded a strong gain. The benchmark index rose 1.3% to 8,525.1 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 rise again
The Australian share market looks set to rise on Tuesday following a strong start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 27 points or 0.3% higher. In late trade in the United States, the Dow Jones is up 0.5%, the S&P 500 is 1.5% higher, and the Nasdaq has jumped 2.6%.
Web Travel half year results
Web Travel Group Ltd (ASX: WEB) shares will be on watch today when the travel technology company releases its half year results. The WebBeds owner is guiding to first half bookings of 5.07 million, total transaction value (TTV) of $3.17 billion, and a TTV margin of 6.2% to 6.4%. Management has also previously revealed that it is targeting record EBITDA for the full year.
Oil prices rise
It could be a good session for ASX 200 energy shares including Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 1.4% to US$58.87 a barrel and the Brent crude oil price is up 1.3% to US$63.39 a barrel. Rate cut optimism appears to have given prices a boost.
Hold Lovisa shares
Lovisa Holdings Ltd (ASX: LOV) shares are a fairly valued according to analysts at Bell Potter. This morning, the broker retained its hold rating on the fashion jewellery retailer's shares with a reduced price target of $33.50. It said: "Along with our earnings revisions, we reduce our target P/E multiple to ~32x (prev. 38x) on FY27e to reflect the de-rating in LOV/broader peer group and our relative expectations for growth within our coverage. We highly rate LOV's strong gross margin outlook, long term store opportunity upside, further prospects arising from changes in the competitive dynamics in US/UK/South Africa, together with strong execution and leadership."
Gold price climbs
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a strong session on Tuesday after the gold price pushed higher overnight. According to CNBC, the gold futures price is up 0.9% to US$4,115.6 an ounce. Traders were buying gold after the US dollar weakened on increased Fed rate cut bets.
