Miners weigh down ASX, Wall Street’s tech tumble
The Australian sharemarket declined as resource stocks were hit by a global sell-off in technology and concerns over the artificial intelligence sector. Investors are recalibrating their expectations following mixed US tech earnings and persistent inflationary pressures.
Why it matters
The market volatility reflects global investor anxiety regarding the sustainability of the AI boom and the impact of high interest rates on resource-heavy economies.
— 11:02am , first published October 23, 2026 — 5:17am
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Share A A A Australia’s sharemarket has snapped a three-week winning streak after surging oil prices and tremors in the artificial intelligence narrative hammered resource stocks.
The S&P/ASX200 rose 2 points on Friday, up 0.02 per cent, to 8795.2, but was down 0.13 per cent for the week, while the broader All Ordinaries lost 11.3 points in the final session, or 0.13 per cent, to 8905.8.
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