The ASX200 is set to fall today, influenced by a mixed US market performance on Friday, which itself was shaped by questions about the long-term viability of the AI-driven rally, and whether the US economy was moderating.
At 8.45 am AEST, futures were down 0.2 percent.
The US markets finished with a mixed performance on Friday, with the S&P500 and NASDAQ both 0.1 percent lower, while the Dow Jones pushed up slightly, soaring up1.8 percent for the week: its best week yet.
There were falls in the tech sector, with Nvidia falling for a second session, down 3.2 percent, and this pushed down the chip sector, including Broadcom (down 4.4 percent), Qualcomm (down 1.4 percent), Arm (0.3 percent lower), and Micron (3.2 percent lower).
Apple was also weaker, falling 0.4 percent due to AI software upgrades in the EU being withheld on regulatory concerns. Gains were seen in the consumer discretionary sector, with a 1.6 percent rise in Amazon. Also higher was communication services, with Alphabet up 1.4 percent.
In terms of data, S&P PMIs released in the session’s open came in better than expected, which questioned whether the economy was moderating, following weaker unemployment claims, housing starts, and retail sales this week.
In Australia on Friday, the ASX had closed up 0.34 percent on Friday.
Looking at local stocks, Imugene Ltd (ASX:IMU) announced that the first patient had been dosed with CARlytics therapy in IV combination treatment.
Encounter Resources Ltd (ASX:ENR) announced the discovery of high grade niobium intercepts at the Crean Carbonatite target in Western Australia.
And Newpeak Metals Ltd (ASX:NPM) has sold the permits comprising its Sweden Strategic Metal Project.
In forex, the AUD is still buying 66 US cents, which is where it has sat for most of this month.
In commodities, brent crude is at US$84.94 per barrel and gold is at US$2,320.9 per ounce,
Copper sits at US$4.42 per pound, while lithium is down 1.06 percent to 93500 Chinese yuan per tonne, and uranium fell 0.65 percent to US$84.50 per pound.