Afterpay Ltd (ASX:APT) and Metcash Limited (ASX:MTS) will be on watch on the ASX 200 on Tuesday…
The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia. –
On Monday the S&P/ASX 200 Index (ASX: XJO) started the week with the smallest of gains. The benchmark index rose less than 0.1% to 6,773 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise
It looks like it could be a similarly subdued day for the Australian share market on Tuesday. According to the latest SPI futures, the ASX 200 is poised to open the day 5 points higher this morning. This follows a positive start to the week on Wall Street, which in late trade sees the Dow Jones up 0.1%, the S&P 500 up 0.2%, and the Nasdaq trading 0.6% higher.
Tech shares to rebound
Afterpay Ltd (ASX: APT), Xero Limited (ASX: XRO), and other ASX tech shares could have a better day on Tuesday after their US counterparts climbed higher overnight. In late trade the tech-focused Nasdaq index is up 0.6% and outperforming the rest of the US market. Given how the local tech sector tends to follow the Nasdaq’s lead, this could mean a positive day lies ahead. Investors were buying tech stocks after bond yields eased.
Oil prices fall
Energy producers such as Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could trade lower today after oil prices pulled back. According to Bloomberg, the WTI crude oil price is down 0.5% to US$65.27 a barrel and the Brent crude oil price has fallen 0.6% to US$68.78 a barrel. Traders were selling oil despite the improving global economic outlook.
Gold price rises
Gold miners Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a positive day after the gold price pushed higher. According to CNBC, the spot gold price is up 0.4% to US$1,727.00 an ounce. Easing bond yields were behind the precious metal’s gain.
Metcash strategy update
The Metcash Limited (ASX: MTS) share price will be on watch on Tuesday when it holds its eagerly anticipated strategy day. Goldman Sachs recently commented: “MTS is hosting a strategy day on the 16th of March. We expect to hear more about progress beyond mFuture and MTS’ foray into omni-channel retailing at this stage. We expect this roadmap to potentially be a strong catalyst for MTS in the near term.”
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
- Why did the Afterpay (ASX:APT) share price and 2 other BNPLs fall today?
- ASX 200 recovers, Evolution Mining acquisition, Afterpay sinks
- Two ASX recovery shares with room to run higher
- 2 ASX 200 shares to buy for income
- Why the Hub24 (ASX:HUB) share price is firing up 12% today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.