ASX set for early dive after Fed dents Wall Street

Summary

• SPI futures are pointing to a fall of 66 points, or 1.1pc, at the open for the ASX 200
• Both S&P 500 and the Dow fell overnight after US Fed chair Jerome Powell forecast a long and slow recovery for the US economy and extremely low interest rates for some time
• Gains for Apple and Microsoft helped the NASDAQ close at a record high for a third straight session
• Brent crude rose 1.3pc a barrel and US oil was up 1.6pc. Iron ore shed 0.6pc to $US103.93 a tonne