On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 0.2% to 7,962.3 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to crash
The Australian share market is expected to crash on Tuesday following a selloff in the United States. According to the latest SPI futures, the ASX 200 is poised to open the day 98 points or 1.2% lower. In late trade on Wall Street, the Dow Jones is down 1.9%, the S&P 500 has dropped 2.5%, and the Nasdaq is 3.6% lower.
SEEK shares upgraded
The Seek Ltd (ASX: SEK) share price is no longer a sell according to analysts at Goldman Sachs. This morning, the broker has upgraded the job listings company's shares to a neutral rating with a $25.00 price target. It said: "With SEK trading -11% since Feb 19th, the day after its 1H25 result, we see valuation support, noting SEK: (1) trades on a 12mf EV/EBITDA, excluding SGF, of 14.6X – a discount to its 10Y avg. pre-SGF of 15.3X (noting EH transacted at a premium); and (2) 12mf EV/EBITDA of 18.8X is a -15% disc. to classified peers vs. FY22-FY25E avg. of -8%."
Oil prices tumble
It looks likely to be a poor session for ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) after oil prices fell again overnight. According to Bloomberg, the WTI crude oil price is down 1.6% to US$65.98 a barrel and the Brent crude oil price is down 1.6% to US$69.22 a barrel. US recession concerns weighed on prices.
Shares going ex-dividend
A number of ASX 200 shares are going ex-dividend on Tuesday for their latest payouts and could trade lower. Among the companies that are trading ex-dividend are coal miner Coronado Global Resources Inc (ASX: CRN), media giant News Corp (ASX: NWS), and airline operator Qantas Airways Ltd (ASX: QAN). The latter is paying its first dividend since back in 2019. It will be paying eligible shareholders a fully franked 26.4 cents per share dividend on 16 April.
Gold price falls
ASX 200 gold miners Bellevue Gold Ltd (ASX: BGL) and Regis Resources Limited (ASX: RRL) could have a subdued session on Tuesday after the gold price dropped overnight. According to CNBC, the gold futures price is down 0.7% to US$2,893.9 an ounce. Not even safe haven demand could stop the gold price from falling.
The post 5 things to watch on the ASX 200 on Tuesday appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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