Pre-Market Report – Friday 28 February: AI rally fizzles, Nvidia sinks | ASX set to drop

Wall St closed down overnight. Nvidia’s (-8.5%) numbers and outlook failed to reignite the AI rally. Stock now off 17% from its record-high close on January 6. S&P down 1.59%. Nasdaq down 2.78%. The Dow Jones closed down 194bp or 0.45%.ASX to drop. SPI futures down 69 points (-0.8%)Nvidia’s fall infected the wider chip sector. The DeepSeek concerns also resurfaced. Broadcom (-7.1%), ASML (-6.6%) and Micron (-6%) to name a few all dropped. Big tech wasn’t any better and utilities also struggled (all participants of the AI trade). Energy and Consumer non-cyclicals were the best performers. Crude oil prices jumped following Trump’s revocation of Chevron’s license to operate in Venezuela.Want to invest with Marcus Today? The Managed Strategy Portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you. If you’re looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.  Why not sign up for a free trial? Gain access to expert insights, research, and analysis to become a better investor.