ASX set to slip, Wall Street mixed as oil prices rise; Anthropic files for IPO

Oil prices are rising following the latest fighting to threaten the US-Iran ceasefire, but Wall Street isn’t very worried, and US stocks are hanging near their records.

The S&P 500 added 0.3 per cent to its prior all-time high. The Dow Jones rose 0.1 per cent, and the Nasdaq composite gained 0.4 per cent, both also adding to their previous records set last week. The price for a barrel of Brent crude rose more than 4 per cent, which pushed up Treasury yields and hurt companies with big fuel bills. But strong profit reports from US companies and continued strength for big technology stocks kept Wall Street’s momentum going.

The Australian sharemarket is set to slip, with futures at 6.09am AEST pointing to a fall of 30 points, or 0.3 per cent, at the open. The ASX closed flat on Monday. The Australian dollar was trading lower at US71.63¢.

Artificial intelligence company Anthropic is moving toward going public on Wall Street, the latest chapter in its meteoric rise from a little-known research laboratory to one of the leading AI companies valued at $US965 billion ($1.4 trillion).

Anthropic said it has submitted a confidential filing with the US Securities and Exchange Commission for a proposed initial public offering of its common stock.

“This gives us the option to go public after the SEC completes its review,” Anthropic said in a brief statement. “The proposed initial public offering will depend on market conditions and other factors.”

Overnight, the state of Florida announced it was suing Anthropic’s rival OpenAI and CEO Sam Altman, claiming the company concealed serious risks of ChatGPT.

The lawsuit filed in Florida circuit court references two separate shootings where the alleged gunmen were reported to have asked ChatGPT questions while planning their crimes.

On Wall Street, the majority of US stocks fell, and some of the worst performers were companies with big fuel bills hurt by the rise in oil prices. United Airlines lost 3.3 per cent, and Alaska Air Group fell 2.6 per cent after the price for a barrel of Brent crude oil climbed 4.6 per cent to $US95.32. That clawed back a chunk of Brent’s loss from last week and means it’s still well above its price of roughly $US70 from before the war.

Expensive oil has already sent inflation higher, which not only increases bills for households but also pushes up bond yields. High yields worldwide recently have threatened to slow economies and undercut prices for stocks and all kinds of other investments.

Some of the hardest hit by high interest rates are smaller companies, which have a tougher time bor