Live: ASX to fall, US tech rout rattles markets

The ASX is set to fall after US tech stocks tumbled, led by Meta, as its plans to ramp up AI spending fuelled doubts about whether the investment will pay off. Brent crude tops US$113 a barrel after further Houthi attacks on Saudi Arabia and concerns about a fresh escalation between the US and Iran. 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.Fri 23 Oct 2026 at 6:48amFri 23 Oct 2026 at 6:48amMarket snapshotASX200 Futures: -0.2% to 8,803 points Australian dollar: flat to 70.16 US centsDow Jones: -0.09% to 52,807 pointsS&P 500: -1.4% to 7,645 pointsNasdaq: -2.87% to 25,950 pointsFTSE: +0.2% to 10,753 pointsEuroStoxx: -1% to 637 pointsDAX: -1.07% to 25,371 pointsSpot gold: -2.85% to $US4,023/ounceBrent crude: +4% at $US113.17 /barrelIron ore: -1% to $US90.10/tonneBitcoin: -3.78% to $US81,250Prices current around 6.45AM Fri 23 Oct 2026 at 8:06amFri 23 Oct 2026 at 8:06amJim Chalmers to give a keynote speech at the Citi A50 Economic Forum todayThe treasurer, Jim Chalmers will deliver a keynote speech at the Citi A50 Economic Forum in Sydney today.His speech will highlight Australia as "an island of opportunity and stability" in the "sea of uncertainty and risk."He says that in the many conversations he has had in recent days as he attended key international summits and conferences is this message:In a world of ratcheting risk, Australia is more and more reliable.However, he adds that Australia is not "immune from turbulence in the world or that we don’t have our own fair share of challenges."Productivity has been far too weak for far too long.Higher inflation is putting people under pressure, tighter monetary policy is weighing on domestic activity, and we can see that in the softening of the labour market.We’re not immune from the consequences of two wars, both impacting almost every economy in one way or another, posing risks to global growth, pushing up global inflation, and pushing up borrowing costs.Fri 23 Oct 2026 at 8:00amFri 23 Oct 2026 at 8:00amNasdaq Composite has worst day since JuneIt was a tech sell-off overnight — headlined by Facebook parent company Meta, which registered its biggest drop since July (-7%). Despite beating estimates when it released its Q3 results, investors did not like the news that it was increasing its AI spending some more.Full-year capex range is now $US135–145 billion, raising the bottom of the range from the previous $US130 billion. Also, free cash flow came in at a negative $US2.12 billion during the quarter. Virtually all our well-known AI names fell. Here is a sample:Nvidia -4%AMD -8%Micron Tech -6%CoreWeave -10%Veteran market commentator Mohamed El-Erian described last night's tech jitters as "driving a flight to quality, sending yields tumbling", something, as he also noted, we haven't seen in a while.The US Treasury market having a "classic safe-haven day".Indeed, the 10-year Treasury yield dropped at pace, and is now below 5% to its lowest level in nearly a month!Fri 23 Oct 2026 at 7:44amFri 23 Oct 2026 at 7:44amICYMI — Thursday Finance ReportFalls across the big miners have driven the Australian share market lower on Thursday, but stronger than expected profits from AI companies boosted Wall Street. You can catch David Chau's recap of all the market action here.Fri 23 Oct 2026 at 7:30amFri 23 Oct 2026 at 7:30amASX set to fall, US tech stocks tumbleGood morning, welcome to another day of market moves here on the blog.It looks like it could be a down start for the local share market.Futures are down 0.2% as at 6.45AM AEDT, indicating the ASX 200 could post a modest fall.US technology stocks have tumbled as investors grow increasingly worried about the enormous cost of the artificial intelligence (AI) boom, and whether it will pay off!The Nasdaq Composite fell about 2.88%, while the S&P 500 dropped 1.4%Meta shares plunged about 8%, despite beating earnings expectations, after the Facebook parent outlined plans to raise more money to fund its AI investments.Chip-makers were also hit hard, with the semiconductor index sinking more than 6%, as investors questioned the sustainability of the AI spending boom.Adding to market jitters, oil prices surged 4% to a five-month high, with Brent crude settling above $US113 a barrel.Stick with us, I'll be back with more shortly!