Top 5 ASX 200 Market Movers to Watch on February 3, 2026

Morgan Winslow

Published: February 2, 2026 4:43 PM ET

On February 3, 2026, the S&P/ASX 200 Index experienced a notable decline at the start of the week. The index dropped by 1% to close at 8,778.6 points. Anticipations for a potential market rebound begin to heighten as traders look ahead.

ASX 200 Market Movers to Watch

Investors should keep an eye on the following five market movers as the ASX 200 aims for recovery:

1. Expected Rebound

Traders anticipate a rebound for the ASX 200, with forecasts indicating an opening increase of 81 points or about 0.95%. A positive start on European markets and gains on Wall Street may contribute to this upward momentum.

2. Energy Shares Face Pressure

Karoon Energy Ltd (ASX: KAR)
Santos Ltd (ASX: STO)

Energy shares in the ASX 200 may struggle due to falling oil prices. The West Texas Intermediate (WTI) crude price decreased by 4.9% to US$62.03 per barrel, while Brent crude fell by 4.4% to US$66.29 per barrel. A decrease in tensions between the US and Iran prompted the sell-off.

3. ResMed Gains Favor

ResMed Inc. (ASX: RMD) has received an upgrade from Bell Potter. The brokerage now rates the company’s shares as a buy with a target price set at $47.73. They reported strong revenue growth and improvements in operating margins.

4. Declining Gold Prices

Evolution Mining Ltd (ASX: EVN)
Ramelius Resources Ltd (ASX: RMS)

Gold shares could see declines as gold futures fell by 1.85% to US$4,670 an ounce. This drop follows market reactions to significant U.S. Federal Reserve announcements.

5. CSL Remains a Hold

For CSL Ltd (ASX: CSL), analysts maintain a hold recommendation with a target price of $195.00. Despite trading at a discount compared to historical averages, uncertainties about growth prospects and recent downgrades influence this cautious outlook.

Market participants should prepare for a fluctuating environment as these developments unfold in the coming days. Keeping an eye on key indicators and stock performances will be crucial as the ASX 200 moves forward.