Wall Street was down overnight, and sharply too. The Nasdaq and S&P500 both fell over 1%, and the Russell 2000 dropped 1.6%. The VIX rose 10% as AI disruption, tariffs and Iran suck the confidence out of investors and blur the outlook. US financials were hit hard after a report modelled potential AI disruption to the finance industry. The sector was the worst in the S&P500, falling 3.5%. Even the big and prestigious names aren’t immune. JP Morgan dropped 4.2% and Citigroup 4.5%.

The technology sector was mildly better, “only” falling 1.3%. AI fears are likely to roll through every sector and leave havoc in their wake. Even if it doesn’t hit earnings directly, the premium investors will pay for business with exposure could shrink badly here.

SPI futures up 27 points. ASX set to open higher.

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