Australia Shares Set to Drop Following Soft U.S. Lead

Dow Jones06:40

2239 GMT [Dow Jones]--Australian stocks look set to drop at the open after rising oil prices and fears of AI overspend by tech companies weighed on U.S. equities. Local futures are down by 0.6% ahead of Friday's session, suggesting that the S&P/ASX 200 will reverse after three days of narrow gains. The benchmark index is up by 0.5% so far this week. All three major U.S. indexes fell as global oil prices topped US$100 a barrel for the first time in two months. Earnings from Alphabet and Tesla also rekindled fears that big technology companies are spending too much on AI. The DJIA fell 1%, the S&P 500 dropped 1.2%, and the Nasdaq Composite shed 2.15%. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

July 23, 2026 18:40 ET (22:40 GMT)

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