Stocks

ASX Set to Fall Again Thursday Despite Nasdaq Jump

Shivangi

May 14, 2026 10:42 AM IST

Category Stocks

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Synopsis

The ASX 200 is expected to open 24 points or 0.3% lower on Thursday after falling 0.45% to 8,630.4 on Wednesday, its second consecutive day of losses. Wall Street delivered a mixed night with the Nasdaq up 1.2% but the Dow Jones down 0.15%. Australian markets continue to process the federal budget's capital gains tax and negative gearing changes. GrainCorp and Xero release results today, Flight Centre holds an extraordinary general meeting, and annual meetings are scheduled for Ampol, oOh!media, and Meteoric Resources.

ASX poised for soft open again today after mixed night on Wall St. Sentiment is still being cut back by federal budget news, with a busy day of corporate news ahead, including GrainCorp and Xero results. 

Key Highlights

• ASX 200 SPI futures: Fall 24 points or 0.3% to open Thursday
• On Wednesday, the ASX 200 dropped by 0.45 per cent to finish at 8,630.4 points in its second day of losses
• Overnight, Wall Street mixed,  Dow down 0.15%, S&P 500 up 0.6% Nasdaq up 1.2%., GrainCorp and Xero post results today both closely followed by domestic investors.
• Flight Centre has an extraordinary general meeting today; SFDZP's annual meetings are on tap for Ampol and oOh! media, and Meteoric Resources.

ASX falls for two days

The ASX 200 lost 0.45% to finish at 8,630.4 on Wednesday marking the second consecutive day of losses as markets digest the impact of federal budget delivered in parliament. SPI futures indicate the index will open another 24 points, or 0.3% lower on Thursday morning, suggesting the selling is not over yet. Within only a few sessions, the index has fallen from its 20-day high to its lowest point in weeks, suggesting that budget tax tweaks have injected uncertainty into the UK economy at a time of wider global unease.

Why Markets Remain Under Pressure 

Despite a solid night for US technology stocks, the Nasdaq rose 1.2% and the S&P 500 gained 0.6%, the Dow Jones Industrial Average fell, slipping back into the red, giving investors a more mixed lead than a clearly positive one going into Australian markets. The changes to capital gains tax and negative gearing are now confirmed, creating a real sense of uncertainty for property investors and stocks linked to real estate. But even with the RBA having increased by a full 400 basis points to 4.35% and US inflation running at 3.8%, its worst since May of this year, bets on the global rate environment are keeping risk scope painfully low.

What this week tells us about the direction of the ASX

An actual uncertainty about what the budget means for investment, what the RBA does next quarter and how long energy prices will stay high on account of the Middle East conflict is reflected in three days of falls, including two under a 20-day low, with a fourth to come. 

This big night for the Nasdaq demonstrates global tech appetite still exists but not in as straightforward a picture on our local shores. It will take time for budget clarity to fully price in, and until we get a clearer direction on rates and inflation, the most likely path of least resistance is one of choppy trade and caution this week.

FAQs

1. What is the ASX forecast for Thursday's opening times?

 Collapse 24 points or 0.3%, a down run now since the start of this week

2. Why is the ASX falling today when the Nasdaq has been overpowered? 

Local sentiment is being dragged by changes to the federal budget tax provisions, persistent uncertainty surrounding the budget and a mixed performance on Wall Street overnight, which helped in caffeinating tens of seconds on the Dow after another day dominated by technology

3. What to watch out for on Thursday? 

GrainCorp and Xero Results Today are two of the most closely watched companies in Australian agriculture and technology.

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