Morning Wrap: ASX 200 to fall as gold plunges, Netflix kicks off U.S. tech earnings
ASX 200 futures are down 47pts (0.52%) as of 8:57 am AEDT.
In this article
ASX 200 futures are down 47pts (-0.52%) as of 8:57 am AEDT.
In a nutshell:
Gold and silver prices plunge on profit-taking
Netflix shares fell more than 5% following a third-quarter earnings miss
Value stocks did well, with the Dow on the verge of hitting 47,000
Let's dive in.
Overnight Summary
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
 S&P 500 | 6,735 | +0.00% |
Dow Jones | 46,925 | +0.47% |
NASDAQ Comp | 22,954 | -0.16% |
Russell 2000 | 2,488 | -0.49% |
Country Indices | ||
 Canada | 29,889 | -1.73% |
 China | 3,916 | +1.36% |
 Germany | 24,330 | +0.29% |
 Hong Kong | 26,028 | +0.65% |
 India | 84,426 | +0.07% |
 Japan | 49,316 | +0.27% |
 United Kingdom | 9,427 | +0.25% |
Name | Value | % Chg |
|---|---|---|
Commodities (USD) | ||
 Gold | 4,124.4 | -5.36% |
 Copper | 4.9123 | -2.02% |
 WTI Oil | 57.58 | +0.93% |
Currency | ||
 AUD/USD | 0.649 | +0.02% |
Cryptocurrency | ||
 Bitcoin (USD) | 110,831 | -0.30% |
 Ethereum (AUD) | 6,102 | -1.02% |
Miscellaneous | ||
US 10 Yr T-bond | 3.963 | -0.58% |
VIX | 17.87 | -1.97% |
US Sectors
Sector | % Chg |
|---|---|
| Consumer Discretionary | +1.32% |
| Industrials | +0.88% |
| Health Care | +0.21% |
| Financials | -0.13% |
| Information Technology | -0.15% |
| Energy | -0.20% |
Sector | % Chg |
|---|---|
| Consumer Staples | -0.33% |
| Real Estate | -0.36% |
| Materials | -0.70% |
| Communication Services | -0.85% |
| Utilities | -0.99% |
S&P 500 SESSION CHART
The S&P 500 ended flat (Source: TradingView)
OVERNIGHT MARKETS
US equities were mixed in somewhat choppy Tuesday trading. Stocks ended a bit off best levels, though DJIA capped off fresh record close.
Today's fairly listless session followed Monday rally that saw major indexes all up over 1%
Results/commentary from ZION fit with recent pushback against last week's flare-up in credit/underwriting concerns that drove selloff in regional banks and other finance names
Market now seems to be looking ahead to a meaningful pickup in earnings, including Mag 7 names AAPL, AMZN, GOOGL, MSFT and META next week
Also looking ahead to next Wednesday's FOMC decision and the Trump/Xi meeting at the APEC summit, which runs from 31-Oct through 1-Nov
STOCKS
Novo Nordisk's top investor takes control of board, vows sharper focus on the key US markets (Reuters)
Major US defense companies all raised their 2025 outlooks in their Q3 earnings reports (CNBC)
Adidas lifted its earnings forecast for the year amid robust demand for retro sneakers (Bloomberg)
TARIFFS
Canadian PM Carney says trade deal with US could be reached by next week (Bloomberg)
GM says tariff impacts are stabilising in part due to company raising prices (Yahoo Finance)
CENTRAL BANKS
Poll of economists shows expectations for 25 bp cuts in both October and December FOMC meetings (Reuters)
US GOVERNMENT SHUTDOWN
Lufthansa says US government shutdown has stalled Boeing deliveries and inspections (Bloomberg)
ECONOMY
Early earnings results add support to resilient consumer, wealth effect narratives (Reuters)
Industry ETFs
Name | Value | % Chg |
|---|---|---|
Commodities | ||
| Steel | 76.04 | -0.63% |
| Lithium & Battery Tech | 57.25 | -0.69% |
| Strategic Metals | 69.61 | -3.99% |
| Copper Miners | 59.3 | -4.83% |
| Uranium | 49.9 | -6.59% |
| Silver | 43.79 | -8.24% |
| Gold Miners | 72.79 | -9.42% |
Industrials | ||
| Aerospace & Defense | 213.36 | +1.79% |
| Global Jets | 25.61 | +0.47% |
| Construction | 96.97 | +0.41% |
| Agriculture | 26.83 | +0.22% |
Healthcare | ||
| Biotechnology | 156.03 | -0.29% |
Name | Value | % Chg |
|---|---|---|
Cryptocurrency | ||
| Bitcoin | 18.43 | +0.88% |
Renewables | ||
| Solar | 46.81 | -0.91% |
| CleanTech | 56.0978 | -2.00% |
| Hydrogen | 40.6612 | -4.26% |
Technology | ||
| Cybersecurity | 35.39 | +1.35% |
| Cloud Computing | 23.81 | +1.15% |
| E-commerce | 34.1428 | +0.24% |
| FinTech | 34.31 | +0.18% |
| Video Games/eSports | 116.54 | -0.10% |
| Robotics & AI | 36.88 | -0.49% |
| Semiconductor | 291.33 | -0.56% |
| Electric Vehicles | 29.16 | -0.61% |
| Sports Betting/Gaming | 22.3637 | -0.72% |
ASX TODAY
Australia's critical minerals industry has broadly welcomed the wide-ranging rare earths deal struck between the US and Australia, as analysts say it will strengthen the rare earths supply chain outside of China (ABC)
Regional Express has found a buyer after the airline was operating under voluntary administration for more than a year (ABC)
WHAT TO WATCH TODAY
Gold: Gold fell ~US$220 or 5% overnight, so expect physical gold ETFs to take a hit, with miners likely taking a much bigger fall Canadian gold mining equities ETFs lost around 10% overnight)
BROKER MOVES
Qoria Buy rating maintained and price target raised to 91 cents (Goldman Sachs)
South32 Buy rating maintained and price target raised to $3.75 cents (Jeffries)
Key Events
Stocks trading ex-dividend:
Wed 22 Oct: None
Thu 23 Oct: None
Fri 24 Oct: None
No major economic announcements.
