ASX set to fall as sinking AI stocks weigh down Wall Street; UAE to leave OPEC oil cartel
The ASX is poised to decline as falling AI stocks and rising oil prices weigh on global markets, following a pullback on Wall Street. Investor concerns were fueled by reports of spending pressures at OpenAI and heightened Middle East tensions affecting oil supply. The UAE's decision to leave OPEC adds further uncertainty to energy markets, while major tech firms prepare to report quarterly results. Wall Street's losses were partially offset by strong earnings from Coca-Cola and stable consumer confidence data.
- ▪The ASX is set to fall, with futures indicating a 0.4% drop at the open, tracking Wall Street's decline amid weak AI sector performance.
- ▪AI-related stocks including Nvidia, Broadcom, and Micron dropped sharply after a report revealed OpenAI leadership concerns over unsustainable spending.
- ▪Oil prices rose again, with Brent crude reaching $111.18 per barrel, driven by disruptions in the Strait of Hormuz due to the Iran conflict.
- ▪The United Arab Emirates will leave OPEC effective May 1, reducing the cartel's influence as it exits as the third-largest producer.
- ▪Coca-Cola boosted morale with a 5.7% stock gain after beating profit and revenue forecasts, supported by strong performance in key international markets.
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