On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in the red. The benchmark index fell 0.6% to 9,026 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
Image Source: Getty Images
ASX 200 to rebound
The Australian share market looks set to rebound on Tuesday despite a poor start to the week in the US. According to the latest SPI futures, the ASX 200 is poised to open the day 22 points or 0.25% higher. In late trade on Wall Street, the Dow Jones is down 1.7%, the S&P 500 is down 1.2%, and the Nasdaq is down 1.3%.
Oil prices slip
It could be a poor session for ASX 200 energy shares including Karoon Energy Ltd (ASX: KAR) and Santos Ltd (ASX: STO) after oil prices dropped overnight. According to Bloomberg, the WTI crude oil price is down 0.45% to US$66.18 a barrel and the Brent crude oil price is down 0.6% to US$71.35 a barrel. Traders were selling oil amid fresh US-Iran talks.
EOS shares named as a buy
The team at Bell Potter thinks Electro Optic Systems Holdings Ltd (ASX: EOS) shares are undervalued at current levels. This morning, in response to its results, the broker has retained its buy rating on the ASX defence stock with a reduced price target of $9.70. It said: "EOS is positioned as a market leader in C-UAS solutions, particularly in directed energy, and is leveraged to increasing budget allocations to C-UAS technologies. We see positive news flow over the next 6 months stemming from C-UAS and RWS contract awards."
Gold price jumps
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Ramelius Resources Ltd (ASX: RMS) could have a good session on Tuesday after the gold price jumped overnight. According to CNBC, the gold futures price is up 3% to US$5,234.3 an ounce. This was driven by US tariff uncertainty.
Woodside results
Woodside Energy Group Ltd (ASX: WDS) shares will be on watch on Tuesday when the energy giant releases its full-year results. According to a note out of Macquarie, its analysts are expecting the company to report an underlying profit of US$2,693 million. This is expected to underpin a final dividend of 60 US cents per share.
