On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week in a disappointing fashion. The benchmark index fell 0.55% to 7,239.8 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 expected to rebound
The Australian share market looks set to rebound on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 50 points or 0.7% higher this morning. This follows a solid start to the week on Wall Street, which in late trades sees the Dow Jones up 0.9%, the S&P 500 up 1.6%, and the Nasdaq trading 2% higher. The latter bodes well for Aussie tech shares today.
Collins Foods results
The Collins Foods Ltd (ASX: CKF) share price will be on watch today when it releases its half year results. No guidance has been given for FY 2022, other than its plan to build 9 to 12 KFC restaurants in Australia this financial year. Macquarie is bullish on the company and currently has an outperform rating and $14.75 price target on its shares.
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices rebounded. According to Bloomberg, the WTI crude oil price is up 3.4% to US$70.41 a barrel and the Brent crude oil price has risen 1.8% to US$74.05 a barrel. Traders were buying oil on the belief that Friday's selloff was an overreaction.
Gold price falls
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued day after the gold price edged lower. According to CNBC, the spot gold price is down 0.2% to US$1,784.4 an ounce. Improving investor sentiment put pressure on the safe haven asset.
Harvey Norman rated a buy
The team at Goldman Sachs sees a lot of value in the Harvey Norman Holdings Limited (ASX: HVN) share price. This morning the broker retained its buy rating and $6.00 price target on the retail giant's shares. Goldman continues to expect "underlying sales growth vs. pre-COVID levels to remain strong due to the positive housing related spending environment and an overall expected increase in spending for the home category,"
