Wall St closed down overnight. Nvidia’s (-8.5%) numbers and outlook failed to reignite the AI rally. Stock now off 17% from its record-high close on January 6. S&P down 1.59%. Nasdaq down 2.78%. The Dow Jones closed down 194bp or 0.45%.

ASX to drop. SPI futures down 69 points (-0.8%)

Nvidia’s fall infected the wider chip sector. The DeepSeek concerns also resurfaced. Broadcom (-7.1%), ASML (-6.6%) and Micron (-6%) to name a few all dropped. Big tech wasn’t any better and utilities also struggled (all participants of the AI trade). Energy and Consumer non-cyclicals were the best performers. Crude oil prices jumped following Trump’s revocation of Chevron’s license to operate in Venezuela.

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