Live: Westpac quarterly profit hits $1.9 billion

Capital's analyst Kyle Rodda has put out a note about the market upheavel overnight on Wall Street, arguing that "a pinpoint catalyst for the overnight move is basically absent".

"It looks like it will be another sea of red washing over the markets on this Friday the 13th as stocks are offloaded and assets like precious metals and Bitcoin get dumped," he says.

The Nasdaq dropped 2% with tech company Cisco’s share price tumbling 11.8% after its profitability targets missed investors’ expectations.

"Cisco’s results certainly put a dampener on things. But the narrative here is about AI overinvestment, valuations and disruption," he writes.

"There’s also a technical element here. The deleveraging and repositioning that began with the gold and silver melt down probably hasn’t played-out entirely, causing cross asset weakness and volatility."

The world's biggest crypto Bitcoin's also down 2.4%.

"It suggests the Bitcoin fire alarm is working well but augurs poorly for the rest of the market when such a risk-asset is struggling to catch a bid," Rodda writes.

You can catch Kyle on ABC's The Business too, where he chats about the huge dives on the ASX 200 yesterday.