The ASX is set for a very tough open after Wall Street went down heavily and dragged the ASX futures down with it. It was the biggest one day fall for the SP500 and Nasdaq for over a month. It’s a similar story to the ASX yesterday with the prospect of rate cuts becoming fainter. In the US, the odds of a cut were 70% last week. Their only 47% now. The Nasdaq was down 2.2% and the SP500 1.66%. Volume lifted back to 20.8 bn shares after the recent lull, and the VIX jumped 16% to hit 20 again. Some notable movers were Nvidia, which fell 3.6%, Telsa off 6.6% and Intel down 5.2%. Bitcoin was down 3% too.  

SPI futures down 136 points. ASX set to open lower. 

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