Australian shares set to drop after Wall Street ends lower

The news: The Australian sharemarket is set to fall after Wall Street's major stock indices closed lower on the back of a sell-off in chip stocks.

The numbers: Updated at 7:25am AEDT:

• ASX futures: down 32 points or 0.38% to 8,319 points
• Wall Street: Dow Jones down 0.77%, S&P 500 down 0.72%, Nasdaq down 0.97%.
• Europe: FTSE 100 down 0.52%, CAC 40 down 1.05%, DAX down 0.11%
• Spot gold: up 0.46% at USD2,660.76 per ounce
• Oil prices: Brent down 3.73% at USD74.57/ barrel, US WTI down 3.97% at USD70.90/bbl
• AUD: down 0.41% at 66.99 US cents
• Bitcoin: up 1.02% at USD66,706.73

The context: Chip stocks lost ground broadly after results of semiconductor-equipment maker ASML Holdings showed downbeat expectations for 2025 sales while energy shares fell with oil prices.

What to Watch: Quarterly reports from Woodside and Rio Tinto, full-year earnings from Bank of Queensland, and annual general meetings for Commonwealth Bank of Australia, Origin Energy and auto parts supplier Bapcor.