Live: ASX set to tumble despite Wall St rallying on Amazon earnings

AI stocks have regained their lustre on Wall Street, driving all the key indices higher, with Amazon shares surging 15 per cent on a surge in cloud computing revenues.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 3 Aug 2026 at 6:56amMon 3 Aug 2026 at 6:56amMarket snapshotASX 200 futures: -1.0% to 8,858 pointsASX 200 (Friday): +0.1% to 8,977 pointsAustralian dollar: +0.3% to 70.45 US centsWall Street: S&P 500 +0.7%, Dow +0.5% Nasdaq +1.0%Europe (Friday): Dax +0.1%, FTSE -0.3%, Eurostoxx 600 -0.1%Spot gold: -1.5% to $US4,041/ounceOil: Brent futures +1.2% to $US90.12/barrel, WTI futures +1.3% to $US84.67/barrelIron ore (Friday): +0.2% to $US95.80/tonneCopper (LME): +1.6% to $US13,799/tonneBitcoin: +1.3% to $US63,415Prices current at around 7:00am AESTMon 3 Aug 2026 at 7:35amMon 3 Aug 2026 at 7:35amThis week: Household spending and trade, US jobsAustralia:Mon: Home prices (Jul)Tue: Household spending indicator (Jun) Job ads (Jul)Thu: Trade balance (Jun)International:Mon: US — ISM manufacturing (Jul), Construction spending (Jun) CN — Rating Dog PMI (Jul)Tue: US — Trade balance (Jun) Factory orders (Jun)Fri: CN — Trade balance (Jul) US — Non-farm payrolls/unemployment (Jul)With house prices now out of the way (they fell another 0.7% nationally in July), the focus of the week shift to the ABS reading of household spending in June (Tuesday).After a surprising spike in May, household spending is likely to have fallen, but not disastrously.The trade balance surprisingly swung to a $3 billion deficit in May, and the forecast is for another deficit in June, although narrower.The value of LNG exports is soaring but that will be offset by lower iron ore earnings.Offshore, the focus will be on the US labour market later in the week.After subdued jobs creation in June, things are expected to pick up a bit with 100,000 new jobs forecast for July.The unemployment rate is expected to hold steady at 4.2%.Mon 3 Aug 2026 at 7:20amMon 3 Aug 2026 at 7:20amASX set to tumble despite Wall Street rallyWall Street closed the month with AI stocks back in favour, lifting all key indices.S&P 500: +0.7%Dow: +0.5% Nasdaq: +1.0%That good fortune appears unlikely to flow through to the ASX this morning with futures markets pointing to a nasty 1% decline when trading closed on Saturday morning (AEST).Amazon dominated the corporate news flow with a consensus smashing result.It recorded its strongest cloud revenue growth in more than four years, which reassured investors looking for proof that massive AI spending is paying off.Amazon shares jumped more than 15%.It could have been an even bigger session had not Apple — a "Magnificent Seven" company that hasn't been splashing out on AI investment — delivered a downbeat forecast.The iPhone maker said it was struggling to secure enough components as the AI-driven data-centre boom strains global supply chains.Apple shares plunged 7%.European shares slipped marginally, but the global index, the MSCI was up 1.2% on Friday.US Treasury yields jumped after the three Fed Reserve members who voted to hike rates last week publicly stated their case for why US rates need to rise, sooner rather than later.Traders are now pricing in a 69% chance that the Fed will raise rates at its September meeting.The Aussie dollar was marginally lower but still holding just above 70 US cents.Oil jumped around $US1 a barrel, or more than1%, on news that Iran had forced to several tankers to turn around rather than risk a passage through the Strait of Hormuz.Brent crude futures: +1.2% to $US90.12/barrelWest Texas Intermediate crude futures: +1.3% to $US84.67/barrel.For July, Brent gained 24% and WTI rose 21%.Gold slipped marginally (-1.3%) but still gained 1.1% for over July, its largest monthly gain since February.Copper was little changed on Friday but gained a solid 3% over the month as limited inventories weighed on traders' minds.With ReutersMon 3 Aug 2026 at 6:57amMon 3 Aug 2026 at 6:57amGood morning Good morning and welcome 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 closed the week and month with a strong final session, supported by a 15% jump in Amazon shares.The ASX doesn't look like following suit.When trading closed on Saturday morning, ASX 200 futures pointed to a sharp 1% fall this morning.As always, the game's afoot, so let's get blogging.