On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a solid gain. The benchmark index rose 0.5% to 7,811.9 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
The Australian share market is expected to fall on Tuesday following a relatively poor start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 17 points or 0.2% lower. In late trade in the United States, the Dow Jones is down 0.4%, the S&P 500 is down 0.2%, and the NASDAQ is 0.1% lower.
Pilbara Minerals Ltd (ASX: PLS) shares could be fully valued according to analysts at Bell Potter. This morning, the broker has responded to its downstream announcement by retaining its hold rating and $3.55 price target. This is 9% lower than where the lithium miner's shares currently trade. It said: "We retain our hold recommendation on valuation grounds."
ASX 200 energy shares Santos Ltd (ASX: STO) and Karoon Energy Ltd (ASX: KAR) could have a better session on Tuesday after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 1.8% to US$82.05 a barrel and the Brent crude oil price is up 1.6% to US$86.80 a barrel. Oil prices rose amid reports that Russian refineries have been hit by attacks.
The Premier Investments Limited (ASX: PMV) share price will be on watch today when the retail conglomerate releases its half-year results. Management is guiding to Premier Retail EBIT for the 26-week period ending 27 January to be approximately $200 million. Goldman Sachs has suggested that there could be some gross margin surprise thanks partly to easing global freight costs.
ASX 200 gold shares including Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a good session after the gold price pushed higher on Monday. According to CNBC, the spot gold price is up 0.6% to US$2,173 an ounce. Rate cut bets gave the precious metal a boost.