Sydney, Feb 6, 2026, 06:07 AEDT
- ASX 200 futures dropped roughly 1%, signaling a softer start for Sydney trading
- U.S. stocks dropped amid concerns over Big Tech’s spending and weaker labour data
- Bitcoin dropped to its lowest level since October 2024, dragging down crypto-linked shares
Australian share futures dipped on Friday following renewed selling in U.S. tech stocks and a sharp drop in bitcoin overnight. S&P/ASX 200 futures hovered near 8,780, down roughly 1%—a figure that often hints at the cash market’s opening level.
The pullback is shaping up as more than a single-day glitch in tech—it’s a broader, chaotic rethink of risk across software and crypto sectors. “It’s been a tough week for investors who were heavily exposed to the parts of the market that led the upside,” said Mona Mahajan at Edward Jones. SWI swissinfo.ch
Wall Street’s main indexes and bitcoin dropped as investors digested Big Tech earnings alongside weaker labour data and ongoing rate uncertainty. Jobless claims climbed to 231,000 last week, with over 108,000 layoffs reported in January. Meanwhile, Alphabet highlighted a steep increase in capital spending linked to its AI expansion.
Alphabet announced its capital expenditures could nearly double this year, hitting roughly $180 billion—far exceeding FactSet analyst estimates—even as profits outpaced forecasts. Bitcoin fell below $67,000, down from its October peak above $124,000. Gold and silver prices also weakened, while the 10-year U.S. Treasury yield dipped to around 4.21%.
Australia’s S&P/ASX 200 dropped 0.43% on Thursday, closing at 8,889.2, weighed down by energy and materials stocks. IG market analyst Tony Sycamore noted the index “eased from the open,” attributing the dip to the sector breakdown. Bitcoin dipped to around $70,280, while the Australian dollar hovered near 69.72 U.S. cents. Morningstar
Signs of a shift away from mega-cap tech have popped up in unusual spots, with value-heavy sectors outpacing growth indexes. Proactive Investors highlighted this Thursday, pointing out that an equal-weighted S&P 500 — where every stock carries equal weight — climbed even as the Nasdaq dropped. This divergence could influence Australia’s market, which leans heavily on banks and miners.
Overseas markets were mixed, showing weakness in Europe and Asia. London’s FTSE 100 lost roughly 0.9% following the Bank of England’s decision to keep rates steady. In Asia, South Korea’s Kospi tumbled 3.9%, with Samsung shares plunging 5.8%, according to an Associated Press report.
But the mood remains fragile. Traders await more earnings from major firms and new U.S. data, while recent days have revealed how quickly “safe” bets can become crowded sell-offs.
