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ASX set to slide as tech slump, rising oil prices hurt Wall Street; eBay rejects GameStop

The Sydney Morning Herald·Stan Choe·21 days ago
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Stan Choe May 13, 2026 — 5:21am Rising oil prices and a sudden halt for technology stocks are knocking Wall Street off its record highs on Tuesday. The S&P 500 fell 0.4 per cent from its all-time high set the day before. The Dow Jones was up 73 points, or 0.2 per cent, and the Nasdaq composite was down 1.2 per cent from its own record. Wall Street retreated from its record highs. AP The Australian sharemarket is set to slip, with futures pointing to a fall of 15 points, or 0.2 per cent, at the open. The ASX lost 0.4 per cent on Tuesday. Local investors will also be digesting the ramifications of the federal budget, which was delivered on Tuesday night . Some of the sharpest drops hit chip companies and stocks that had been on electric runs because of the artificial-intelligence boom. Intel slumped 8.6 per cent after its stock had more than tripled so far this year.…

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