Afterpay Ltd (ASX:APT) and Evolution Mining Ltd (ASX:EVN) shares will be on watch on the ASX 200 on Tuesday. Here’s why…
The post 5 things to watch on the ASX 200 on Tuesday appeared first on Motley Fool Australia. –
On Monday the S&P/ASX 200 Index (ASX: XJO) started the week on a very positive note. The benchmark index climbed 0.7% to 5,899.5 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to edge lower.
The ASX 200 index looks set to edge lower today despite a very strong start to the week on Wall Street. According to the latest SPI futures, the benchmark index is poised to open the day 8 points or 0.15% lower. On Wall Street the Dow Jones rose 1.2%, the S&P 500 climbed 1.3%, and the Nasdaq jumped 1.9% higher.
Is the tech rout over?
A very positive night of trade on the tech-heavy Nasdaq index could be a sign that the tech rout is finally over. The Nasdaq index stormed higher overnight thanks to strong gains by the likes of Apple and Nvidia. This could be good news for local tech shares such as Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO), which have been struggling in recent weeks.
Oil prices lower.
Energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch after oil prices softened again. According to Bloomberg, the WTI crude oil price is down slightly to US$37.30 a barrel and the Brent crude oil price is down 0.4% to US$39.67 a barrel. Oil prices slipped amid concerns over a stalled global economic recovery. In addition to this, news that Libya is poised to resume production weighed on sentiment.
Gold price jumps.
It could be a good day for gold miners such as Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) after the gold price jumped higher overnight. According to CNBC, the spot gold price jumped 1% to US$1,966.9 an ounce on Monday night. This was driven by a weaker U.S. dollar amid dovish Federal Reserve hopes.
Shares going ex-dividend.
A handful of ASX 200 shares are going ex-dividend this morning and could drop lower. This includes poultry company Inghams Group Ltd (ASX: ING), media giant News Corp (ASX: NWS), and essential network services company Service Stream Limited (ASX: SSM).
These 3 stocks could be the next big movers in 2020
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.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
Find out the names of our 3 Post COVID Stocks – For FREE!
*Returns as of 6/8/2020
More reading
- Buy Afterpay (ASX:APT) and these ASX shares before the tech rebound
- Investing $1,000 into these ASX shares could be a very smart move
- ASX 200 rises by 0.7%, Cleanaway (ASX:CWY) shares dumped
- Flexigroup (ASX:FXL) launches humm in New Zealand
- The best ASX stocks to buy for the COVID-19 recovery play
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Service Stream Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post 5 things to watch on the ASX 200 on Tuesday appeared first on Motley Fool Australia.
