Live: ASX set to open higher after tech stocks dumped on Wall Street

The ASX is poised to rise on opening and claw back a chunk of Friday's losses as the US and Iran called off their two-week bombing campaigns.Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: this blog is not intended as investment advice.Mon 27 Jul 2026 at 6:44amMon 27 Jul 2026 at 6:44amMarket snapshotASX 200 futures: +0.6% to 8,766 pointsASX 200 (Friday): -0.8% to 8,772 pointsAustralian dollar: +0.3% to 69.97 US centsWall Street: S&P 500 +0.05%, Dow +0.5% Nasdaq -0.6%Europe (Friday): Dax +1.4%, FTSE +0.9%, Eurostoxx +0.8%Spot gold: +0.1% to $US4,052/ounceOil: Brent futures -3.9% to $US96.78/barrel, WTI futures -3.1% to $US89.31/barrelIron ore (Friday): -0.1% to $US98.10/tonneCopper (LME): -1.8% to $US13,566/tonneBitcoin: +0.5% to $US64,618Prices current at around 7:00am AESTMon 27 Jul 2026 at 7:19amMon 27 Jul 2026 at 7:19amWall Street inches higher, ASX set to riseAfter trading at a loss for most of the session, the S&P 500 enjoyed a buying spurt just before closing to eke out a marginal gain, but not nearly enough to push it into positive territory over the week.The litany of recent worries — doubts about the durability of AI valuations in the tech sector, war and the attendant inflationary spike in oil prices — was joined by the Trump administration wheeling out another round of very broad and inflationary tariffs.Still, the overall mood seemed to be cautious rather than fearful, although many would characterise it more as complacent.S&P 500: +0.05% (-0.6% over the week)Dow: +0.5% (-0.4% over the week)Nasdaq: -0.6% (-1.6% over the week)The tech retreat is still a dominant theme. Shares in chipmaker Intel fell 8% despite posting a strong quarterly result.The so-called "Magnificent Seven" tech stocks, such as Amazon, Microsoft and Meta Platforms, collectively shed around 5% for the week. Amazon and Tesla fell around 10% and 18% respectively post results.Across the Atlantic, European recouped much of Thursday's sharp loss to be up 0.8% for the session and 0.7% higher for the week.When ASX 200 futures trading closed on Saturday morning (AEST), the prospects for today were promising, pointing to 0.6% gain today, which would recoup last week's 0.3% slide.Global oil prices eased back below the $US100/barrel mark despite two weeks of missiles, drones and threats whizzing back and forth across the Gulf.Brent crude futures: -3.9% to $US96.78/barrelWest Texas Intermediate crude: 3.1% to $US89.31/barrelThe fall in prices came after news filtered out that China had initiated a push to resume stalled peace talks between the United States and Iran.Oil prices may ease more today with the news overnight that the US and Iran had called a halt to their bombing campaigns, at least temporarily.However, as Price Futures Group senior analyst Phil Flynn told Reuters, energy markets remain in a precarious state.The global Brent crude benchmark gained around 10% over the week."Overall stocks remain pretty tight — and that situation could turn on a dime, so it's worth keeping a close watch as things develop," Mr Flynn said.The easing in oil prices saw US Treasury bond yields dip from their 18-month high, but the fear of inflation and the Fed being forced to jack up rates meant investors remained cautious.The Fed's rate setting committee (the FOMC) meets this week, with markets still pricing in another "hold".Most currencies were steady against the Greenback, although the Aussie dollar nudged higher to be trading just under 70 US cents.Mon 27 Jul 2026 at 6:47amMon 27 Jul 2026 at 6:47amGood morningWelcome to another day on the ABC markets and finance blog.Stephen Letts from ABC business team limbering up for a blow-by-blow coverage of the day's events, where every post is hopefully a winner, but none should be construed as financial advice.Wall Street had a mixed end to the week with the S&P500 eking out a marginal gain while tech stocks continued to be sold off.The ASX, with its vastly more modest tech sector, is priced to open higher.When trading closed on Saturday morning, ASX 200 futures pointed to a 0.6% gain this morning ahead of Wednesday's key Q2 inflation data.The relative decline in missile and drone strikes in the Gulf over the weekend and the decision overnight by the US and Iran to call off the bombing, at least for the time being, are also good omens.As always, the game's afoot, so let's get blogging.