Investing.com - Australian stocks are expected to decline at Tuesday's open, following a drop in oil prices which has reignited concerns about global demand.
ASX 200 Futures were down by 0.5% by 9:00 am AEST (11:00 pm GMT).
In the commodities market, Brent crude fell below $80 USD per barrel. Shortly thereafter, the Biden administration announced the acquisition of 4.65 million barrels of crude oil for the nation's emergency reserves.
On Wall Street, Tesla Inc (NASDAQ:TSLA) surged over 6% overnight following Morgan Stanley (NYSE:MS)'s decision to highlight the electric vehicle maker as its top pick in the US auto sector. This contributed to a modest uptick in the NASDAQ Composite. The S&P 500 also managed to close slightly higher, while the Dow Jones Industrial Average slipped 0.1%.
Investor caution remains high this week, influenced by pending policy decisions from Japan, the US, and the Bank of England.
Additionally, reporting season is underway with major tech giants like Microsoft Corporation (NASDAQ:MSFT), Meta Platforms Inc (NASDAQ:META), Apple Inc (NASDAQ:AAPL), and Amazon.com Inc (NASDAQ:AMZN) set to announce earnings. Rio Tinto Ltd (ASX:RIO) is scheduled to report at 8:30 am AEST on Wednesday.
On the bond markets, local 10-year and 2-year rates were at 4.305% and 4.136%, respectively.