The ASX is set for a drop today, with stocks tumbling and disappointment hitting markets worldwide due to a surprise drop for Wallstreet.

The S&P 500 sunk by 4.3 per cent, the Dow Jones tumbled by 3.9 per cent, and the Nasdaq plunged by 5.2 per cent leading to the sudden realisation for Wall Street that inflation isn’t slowing as much as hoped.

During his daily stock update on 6PR Breakfast, the Finance Guru Scott Haywood told Gareth Parker that it’s more bad news for mortgage holders.

“Our market is expecting to fall very, very heavily at the open,” he said.

“And it’s all around inflation, and inflation is still a problem in America,

“The (Federal Reserve) boss, Jerome Powell’s indicated that the rate increase will continue until inflation is tamed, so there’s no sign of that happening, in my opinion, with what’s taking place at the moment.”

Tap PLAY to hear the latest on the market and what this means for borrowers.