On Monday, the S&P/ASX 200 Index (ASX: XJO) gave back the majority of its morning gains to finish the day a fraction higher. The benchmark index rose slightly to 7,485.2 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 tumble 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 28 points or 0.4% lower. On Wall Street, the Dow Jones fell 1.2%, the S&P 500 was down 1.7%, and the Nasdaq sank 2.2% higher.
Tech shares on watch
It could be a tough day for the tech sector after Wall Street's Nasdaq index was sold off overnight. The tech focused index fell 2.2% amid concerns that a three-year high in the benchmark U.S. interest rate would start to slow the economy. This may not bode well for ASX 200 tech shares such as Altium Limited (ASX: ALU) and Xero Limited (ASX: XRO) today. In other tech news, the Bitcoin price sank 8%.
Oil prices sink
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a poor day after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 3.5% to US$94.78 a barrel and the Brent crude oil price has fallen 3.7% to US$98.94 a barrel. This was driven by fears that China's COVID lockdowns could hit demand.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.65% to US$1,957.80 an ounce. Demand for safe haven assets increased due to market volatility.
Mineral Resources shares upgraded to buy rating
The Mineral Resources Limited (ASX: MIN) share price could be great value according to analysts at Goldman Sachs. This morning the broker upgraded the mining and mining services company's shares to a buy rating and lifted its price target by 42% to $70.80. Goldman notes that its upgrade was underpinned by "6 major changes to our MIN volume/growth assumptions (in addition to upgrades to both our lithium and iron ore price forecasts)."
