{"id":26195,"date":"2026-06-24T07:32:40","date_gmt":"2026-06-24T07:32:40","guid":{"rendered":"https:\/\/globalnewstoday.uk\/index.php\/2026\/06\/24\/the-morning-catch-up-asx-set-to-rise-despite-wall-street-tech-sell-off-yahoo-finance-australia\/"},"modified":"2026-06-24T07:32:40","modified_gmt":"2026-06-24T07:32:40","slug":"the-morning-catch-up-asx-set-to-rise-despite-wall-street-tech-sell-off-yahoo-finance-australia","status":"publish","type":"post","link":"https:\/\/globalnewstoday.uk\/index.php\/2026\/06\/24\/the-morning-catch-up-asx-set-to-rise-despite-wall-street-tech-sell-off-yahoo-finance-australia\/","title":{"rendered":"The Morning Catch-Up: ASX set to rise despite Wall Street tech sell-off – Yahoo Finance Australia"},"content":{"rendered":"

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Australian shares are expected to open higher today, even as Wall Street finished lower after a sharp sell-off in US semiconductor stocks and renewed concerns over stretched artificial intelligence valuations.
ASX 200 futures were up 35 points, or 0.4%, to 8,787, although gains were pared as US equities extended losses late in the session.
The local market will also be focused on today\u2019s monthly consumer price index release, which could influence expectations for the Reserve Bank of Australia\u2019s next interest rate move.
CBA economists expect annual headline inflation to ease slightly to 4.1% in May, while the monthly trimmed mean measure is forecast to edge higher to 3.5%.
ASX slips as tech stocks weigh<\/strong>
The S&P\/ASX 200 Index fell 0.3%, or 29.1 points, to 8,787 on Tuesday, led lower by technology stocks as investors reassessed valuations across the artificial intelligence trade.
The technology sector dropped 4%, with Xero down 5.3% to $65 and TechnologyOne sliding 7.1% to $27.73.
WiseTech Global fell 4.4% to a 5-year low of $28.76, extending Monday\u2019s 18% slump. The company told the market that executive chairman Richard White was not aware of any Australian Federal Police investigation into his conduct relating to a woman\u2019s immigration status.
\u201cAustralian tech stocks are still around 40% below their October highs despite a partial recovery in US software names,\u201d Global X ETFs (NYSE:URA)<\/a> senior investment strategist Marc Jocum said.
\u201cThat divergence suggests local investors still need a stronger catalyst before re-rating the sector, particularly given valuations remain relatively demanding compared to the US.\u201d
Mining stocks were also weaker as iron ore traded below US$98 a tonne, taking losses over the past 6 weeks to 12%. BHP fell 0.7% to $59.92 and Fortescue lost 1.7% to $19.27.
Gold stocks retreated as bullion prices fell, with Newmont down 2.1% to $141.70.
Energy stocks were mixed after Brent crude eased, with Woodside down 0.4% to $28.65. Viva Energy lost 2.4% to $2.08 after saying its Geelong refinery was expected to return to more than 90% of normal operating capacity, although the alkylation unit would remain out of service through 2027.
Financial stocks helped limit broader losses. ANZ rose 1.4% to $35.74, National Australia Bank gained 1.2% to $38.33, Westpac added 1% to $35.48 and Commonwealth Bank lifted 0.5% to $164.21.
US sharemarkets closed lower on Tuesday, with the Nasdaq and S&P 500 falling to more than 1-week lows as semiconductor stocks came under heavy selling pressure.
The S&P 500 fell 1.4%, the Nasdaq Composite dropped 2.2% and the Dow Jones Industrial Average eased 0.1%.
The technology sector lost 3.7%, while a key semiconductor index shed 7.9%. Memory chipmakers Micron Technology and SanDisk, both among the strongest performers on the S&P 500 this year, plunged 13% and 14% respectively.
Nvidia fell 4.2%, Intel, Marvell Technology and Advanced Micro Devices lost between 5.8% and 9.4%, while Tesla dropped 5.8%.
\u201cToday\u2019s big falls in tech stocks without any major catalyst is another illustration of rising volatility in these stocks, a result of what increasingly looks like frothy earnings expectations and, or, valuations,\u201d Capital Economics\u2019 James Reilly said.
BTIG chief market technician Jonathan Krinsky said the session\u2019s sell-off was a \u201cchip wreck\u201d and warned of potential further downside.
\u201cWhether or not we rally in the short term, we continue to see medium-term downside risk for the tech\/AI trade,\u201d Krinsky told Bloomberg.
He expects chipmakers could face another 10% to 15% downside.
The weakness followed heavy selling in Asia, where South Korea\u2019s Kospi Index fell sharply enough to trigger a circuit breaker. SK Hynix and Samsung Electronics (KRX:005930)<\/a> each dropped more than 10%, according to Bloomberg.
Despite the pressure on technology stocks, 6 of the 11 major S&P 500 sectors finished higher. Consumer staples rose 1.8%, while software names gained, with ServiceNow up 3.2% and Adobe, Atlassian (NASDAQ:TEAM)<\/a> and Salesforce adding between 1.3% and 2.2%.
US government bond yields eased as investors moved into safer assets. The 10-year Treasury yield slipped 1 basis point to 4.50%, while the 2-year yield fell 3 basis points to 4.20%.
European sharemarkets also finished weaker on Tuesday as expectations of a more hawkish Federal Reserve and concerns over increased corporate spending on artificial intelligence weighed on sentiment.
The continent-wide FTSEurofirst 300 Index ended 0.7% lower, while the UK\u2019s FTSE 100 slipped 0.1%.
Technology was the main drag, falling 3.7% in its biggest daily decline since February.
Chipmakers Infineon and STMicroelectronics (NYSE:STM)<\/a> dropped 6.3% and 8.5% respectively, while semiconductor equipment groups ASML and Aixtron fell 5.7% and 8.3%.
Mining stocks also weakened, losing 3.3% as precious metal prices declined.
Defensive sectors outperformed, with healthcare up 1.9% and food and beverage stocks gaining 1.7%.
The Australian dollar fell sharply as the US dollar strengthened on rising expectations of higher US interest rates.
The Aussie dollar shed 1.2% to US69.15 cents.
The euro declined 0.5% to US$1.1378.
The Japanese yen was steady at 161.58 per US dollar.
Oil prices fell as investors monitored crude flows through the Strait of Hormuz following signs of progress in US-Iran peace talks.
Brent crude futures settled 1.1% lower at US$77.08 a barrel. The US also issued a 60-day licence allowing Iran to sell oil on the international market.
Base metals were weaker, with copper futures down 3.4% and aluminium futures falling 3.2% to a 3-month low.
Gold futures slumped as the US dollar hit a 1-year high on increased expectations of a Federal Reserve rate hike. Gold settled 1.3% lower at US$4,149 an ounce.
Iron ore futures also eased, weighed down by expectations of rising shipments from major suppliers ahead of the end of the June quarter and seasonally softer steel demand. Iron ore settled 0.2% lower at US$100.53 a tonne.
In Australia, monthly inflation data is due today and will be closely watched for signals on the RBA\u2019s next policy move.
In the US, May new home sales data will be released, while Micron Technology\u2019s earnings will be watched as a key test of whether semiconductor fundamentals can support AI-driven valuations.
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Something went wrongAustralian shares are expected to open higher today, even as Wall Street finished lower after a sharp sell-off in US semiconductor stocks and renewed concerns over stretched artificial intelligence valuations.ASX 200 futures were up 35 points, or 0.4%, to 8,787, although gains were pared as US equities extended losses late in the session.The […]<\/p>\n","protected":false},"author":1,"featured_media":26196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-26195","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"_links":{"self":[{"href":"https:\/\/globalnewstoday.uk\/index.php\/wp-json\/wp\/v2\/posts\/26195","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnewstoday.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnewstoday.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnewstoday.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnewstoday.uk\/index.php\/wp-json\/wp\/v2\/comments?post=26195"}],"version-history":[{"count":0,"href":"https:\/\/globalnewstoday.uk\/index.php\/wp-json\/wp\/v2\/posts\/26195\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globalnewstoday.uk\/index.php\/wp-json\/wp\/v2\/media\/26196"}],"wp:attachment":[{"href":"https:\/\/globalnewstoday.uk\/index.php\/wp-json\/wp\/v2\/media?parent=26195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnewstoday.uk\/index.php\/wp-json\/wp\/v2\/categories?post=26195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnewstoday.uk\/index.php\/wp-json\/wp\/v2\/tags?post=26195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}