Wall Street tech losses drag S&P 500; ASX set to open higher

US stocks drifted lower ahead of a busy week, with the S&P 500 slipping 0.3 per cent and the Nasdaq falling 0.6 per cent, while the Australian sharemarket is set to edge up 0.1 per cent at the open. Tech stocks led declines on Wall Street amid concerns that AI-driven valuations are too high. Nvidia fell 2.3 per cent ahead of its earnings report on Wednesday, while Micron dropped 6 per cent and Broadcom lost 2 per cent. Treasury yields eased to 4.70 per cent. Oil prices fell 2.3 per cent to $90.55 per barrel, helping calm bond markets. The Federal Reserve's new chairman, Kevin Warsh, will speak on Friday, with investors watching for signals on inflation and interest rates.