ASX set to fall as US tech stocks tumble, oil hits five-month high
The ASX is set to fall after US tech stocks tumbled, led by Meta, as its plans to ramp up AI spending fuelled doubts about whether the investment will pay off.
Brent crude tops US$113 a barrel after further Houthi attacks on Saudi Arabia and concerns about a fresh escalation between the US and Iran.
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Market snapshot
- ASX200 Futures: -0.2% to 8,803 points
- Australian dollar: flat to 70.16 US cents
- Dow Jones: -0.09% to 52,807 points
- S&P 500: -1.4% to 7,645 points
- Nasdaq: -2.87% to 25,950 points
- FTSE: +0.2% to 10,753 points
- EuroStoxx: -1% to 637 points
- DAX: -1.07% to 25,371 points
- Spot gold: -2.85% to $US4,023/ounce
- Brent crude: +4% at $US113.17 /barrel
- Iron ore: -1% to $US90.10/tonne
- Bitcoin: -3.78% to $US81,250
Prices current around 6.45AM
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ASX set to fall, US tech stocks tumble
Good morning, welcome to another day of market moves here on the blog.
It looks like it could be a down start for the local share market.
Futures are down 0.2% as at 6.45AM AEDT, indicating the ASX 200 could post a modest fall.
US technology stocks have tumbled as investors grow increasingly worried about the enormous cost of the artificial intelligence (AI) boom, and whether it will pay off!
The Nasdaq Composite fell about 2.88%, while the S&P 500 dropped 1.4%
Meta shares plunged about 8%, despite beating earnings expectations, after the Facebook parent outlined plans to raise more money to fund its AI investments.
Chip-makers were also hit hard, with the semiconductor index sinking more than 6%, as investors questioned the sustainability of the AI spending boom.
Adding to market jitters, oil prices surged 4% to a five-month high, with Brent crude settling above $US113 a barrel.
Stick with us, I'll be back with more shortly!
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