ASX to drop as Fed fears send Asia’s tech giants tumbling

The Australian sharemarket is set to tumble on Tuesday after investors dumped technology stocks from Wall Street to South Korea over fears the US Federal Reserve will have to raise interest rates by the end of the year.

ASX futures point to a drop of more than 100 points when the market reopens from a public holiday, falling 1.4 per cent to 8510 after Friday’s US jobs report smashed market expectations and triggered a rout on Wall Street that quickly spread to Asia.

Source: https://www.afr.com/markets/equity-markets/asx-to-drop-as-fed-fears-send-asia-s-tech-giants-tumbling-20260608-p604qr