ASX set to fall, Nasdaq tumbles as Janet Yellen warns of rate hike so ‘economy doesn’t overheat’

Australian shares are set to open lower after global tech stocks were sold off overnight, on concerns that interest rates may have to rise sooner than expected.

ASX futures had dropped 0.3 per cent (to 7,015 points), by 7:10am AEST.

The Australian dollar fell to 77.1 US cents (down 0.6 per cent).