ASX futures point lower as U.S. tech sell-off and oil spike weigh on sentiment

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Oleksii Zaichenko

22.10.2026

ASX futures point lower as U.S. tech sell-off and oil spike weigh on sentiment — ASX faces rough open

Australian shares are set for a weaker open as a sharp retreat in U.S. technology stocks adds pressure to already fragile market sentiment. Higher oil prices and fresh concerns over the cost of artificial intelligence investment are also shaping trading expectations for the ASX.

Highlights

ASX 200 futures are down 0.2% at 6.45am AEDT, reflecting negative sentiment following a broad sell-off in U.S. technology stocks.
The Nasdaq Composite slumps 2.88% and S&P 500 drops 1.4%, driven by concerns over AI-related spending returns, with Meta shares falling 8%.
Brent crude rises 4% to above $113 a barrel after Houthi attacks and U.S.-Iran tensions, adding pressure as Australian miners weigh on the local market.

Overnight market moves set the tone

As reported by ABC News, ASX 200 futures are down 0.2% at 6.45am AEDT, signalling a modest decline for the local market after a broad sell-off in U.S. technology stocks.

The Nasdaq Composite falls about 2.88%, while the S&P 500 drops 1.4%, as investors question whether the heavy spending tied to the artificial intelligence boom will generate sufficient returns. Meta leads the retreat, with its shares plunging about 8% despite beating earnings expectations after the company outlines plans to raise more money to fund AI investments.

Chip-makers also come under pressure, with the semiconductor index sinking more than 6%. The move adds to concerns about the durability of the recent AI-driven rally in global equity markets.

Oil surge and miners add to pressure

Energy markets are adding another layer of uncertainty, with Brent crude settling above U.S.$113 a barrel after rising 4% to a five-month high. Prices are pushed higher by further Houthi attacks on Saudi Arabia and worries about a fresh escalation between the U.S. and Iran.

In Australia, falls across the big miners have already driven the share market lower on Thursday, offsetting support from stronger-than-expected profits among AI companies on Wall Street. The combination of weaker futures, higher oil prices and pressure on major resource stocks points to a cautious start for the local session.

In our earlier coverage of the AI-linked tech sell-off, we noted a broad decline across semiconductor makers and other companies tied to building out computing infrastructure, as investors began reassessing whether AI spending can deliver adequate returns. We also highlighted how oil climbing to around $110 a barrel was amplifying inflation worries and complicating expectations for the Fed’s interest-rate path, adding to overall market volatility.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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