On Monday, the S&P/ASX 200 Index (ASX: XJO) had a poor start to the week. The benchmark index fell 0.3% to 9,232.6 points.
Will the market be able to bounce back from this on Tuesday? Here are five things to watch:
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ASX 200 to edge lower
The Australian share market looks set for a subdued session on Tuesday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 4 points lower. In the United States, the Dow Jones fell 0.1%, the S&P 500 edged 0.05% lower, and the Nasdaq dropped 0.3%.
Buy CAR Group shares
CAR Group Limited (ASX: CAR) shares are good value according to Bell Potter. This morning, in response to the auto listings company's results, the broker has retained its buy rating and $34.60 price target on its shares. It said: "CAR's result and outlook reinforces our thesis of a preferred risk-adjusted earnings profile due to a geographically diversified network of auto and non-auto classifieds platforms, which generate cash flows to support growth investment and shareholder returns simultaneously."
Oil prices jump
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a strong session on Tuesday after oil prices jumped overnight. According to Bloomberg, the WTI crude oil price is up 5.1% to US$82.17 a barrel and the Brent crude oil price is up 5% to US$87.73 a barrel. This was driven by doubts over the prospects of a US-Iran deal for the Strait of Hormuz.
Gold price rises again
ASX 200 gold shares Genesis Minerals Ltd (ASX: GMD) and Capricorn Metals Ltd (ASX: CMM) could have a positive session after the gold price rose overnight. According to CNBC, the gold futures price is up 1.1% to US$4,449.6 an ounce. Traders continue to bid gold prices higher on reducing interest rate bets.
ASX 200 results
A number of ASX 200 shares will be releasing results today and will be worth watching closely. This includes diversified investment company SGH Ltd (ASX: SGH), lenders mortgage insurance provider Helia Group Ltd (ASX: HLI), automotive retailer Amotiv Ltd (ASX: AOV), and location technology company Life360 Inc. (ASX: 360). Bell Potter expects the latter to outperform paying circle expectations with the addition of 155,000 new paid users (vs consensus estimate of 135,000).
