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ASX set to fall as sinking AI stocks weigh down Wall Street; UAE to leave OPEC oil cartel

Sydney Morning Herald - Latest News·Stan Choe·about 1 month ago
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Stan Choe Updated April 29, 2026 — 6:40am , first published 5:15am Sinking AI stocks and another climb in oil prices because of the Iran war helped pull Wall Street off its record heights on Tuesday. The S&P 500 fell 0.5 per cent from its latest all-time high. The Dow Jones Industrial Average dropped 25 points, or 0.1 per cent, while the Nasdaq composite fell 0.9 per cent from its own record. The drops for artificial intelligence stocks came after a report in The Wall Street Journal said some leaders at OpenAI are concerned about whether it can support its massive spending on data centres after missing targets for new users and revenue. Bloomberg The Australian sharemarket is set to decline, with futures at 4.56am AEST pointing to a loss of 33 points, or 0.4 per cent, at the open. The ASX lost 0.6 per cent on Tuesday. The Australian dollar was trading at US71.85¢.…

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