ASX set to fall as AI stocks, Middle East tensions weigh on Wall Street

AI Summary

The Australian ASX is expected to decline amid pressure from global AI stock downturns and escalating Middle East tensions. These geopolitical issues are casting doubt on a potential agreement between the United States and Iran to reopen the Strait of Hormuz to oil tankers.

Wall Street is sharply lower in late trade with AI stocks again weighing on the market while escalating tensions in the Middle East are casting doubt on when United States and Iran can reach a deal to reopen the Strait of Hormuz to oil tankers.