ASX set to fall as falling AI stocks weigh on Wall Street; UAE leaves OPEC oil cartel

Plunging AI stocks and a fresh rise in oil prices due to the Iran war are helping to halt Wall Street’s record-breaking rally.

The S&P 500 fell 0.6 percent from its recent all-time high. The Dow Jones, which relies less on technology stocks, held up better, rising 28 points, or 0.1 percent, while the Nasdaq Composite fell 1.1 percent from its own record.

The Australian stock market is set to fall, 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 percent on Tuesday. The Australian dollar traded at…