Rise and Shine: Everything you need to know before the ASX opens

Good morning everyone and welcome to Rise and Shine on Thursday, October 23, 2025. Here’s what you should know before the ASX opens today…

At 7am AEST Thursday, futures on the S&P/ASX 200 were down about 0.4%, pointing to another weak start to the day.

Here’s what went down while we were sleeping….

US tech selloff

Overnight, the Dow Jones slid 0.71 %, the S&P 500 fell 0.53 %, and the Nasdaq took the hardest hit at 0.93%.

Apple dipped 1.65% after reports that iPhone17 demand is “strong but not record-breaking”. That wiped out some of the week’s gains after the stock hit an all-time high on Monday.

Netflix plunged 10% after missing on both the top and bottom line for Q3.

Netflix reported revenue of US$11.51 billion, just shy of Bloomberg consensus estimates of US$11.52 billion and slightly below the company’s own guidance of US$11.53 billion. That compares to $9.82 billion in the same quarter last year.

Guidance looked fine, but the market didn’t care; investors aren’t rewarding “close enough” when the stock’s already priced for perfection.

Tesla also wobbled by 1% ahead of its Q3 results as traders brace for another “AI, robotaxi, and trust us” presentation from Musk.

Google rose 0.5% after announcing a powetful quantum leap that supposedly outpaced the fastest supercomputers by 13,000 times, which promptly sent every other “quantum” stock into freefall.

Gold loses its glow

Gold’s “can’t lose” narrative just lost a few more karats.

The metal tumbled again by 0.5% overnight, extending Tuesday’s 6% nosedive, its biggest one-day collapse in 12 years.

After climbing 65% this year, the so-called “debasement trade” (the bet that fiat currencies will keep falling apart) is now getting its first taste of reality.

Profit-takers cashed in, and the world’s oldest fear trade reminded everyone that even safety can sell off.

UBS, though, says gold is still supported by “macroeconomic and momentum factors”.

Bitcoin feels the chill

Bitcoin has slipped to around US$107,000, down sharply from recent highs.

Liquidations in the futures market have piled up as leveraged traders learned that diamond hands can still get margin-called.

With risk appetite fading, the ‘digital gold’ narrative is also getting stress-tested.

Still, if you believe the faithful, every dip is just a generational buying opportunity.

And finally…

Back home, the the earnings docket today include Alcoa, Coronado Global, Fortescue, Northern Star, and Regis Resources.

It’s also AGM day for a bunch of local heavyweights: BHP, Brambles, and Cochlear among others.

Commodity/forex/crypto market prices

What got you talking

Also in the news…

The healthcare IPO drought is about to break as the sector ‘significantly outperforms’, says the ASX.

The $13bn critical minerals deal between the US and Australia is just the start for rare earths companies.

Resources Top 5: Aussie explorers dealt Trump card as US deal fuels new era for critical minerals.

Food security is the new gold, and Aussie agritechs like RLF AgTech (ASX:RLF) are digging in.

California’s San Bernardino County proves irresistible for ASX critical minerals plays.

Trading halts

ASF Group (ASX:AFG) – response to ASX price query
Chilwa Minerals (ASX:CHW) – cap raise
Evion Group (ASX:EVG) – cap raise
New Age Exploration (ASX:NAE) – cap raise
Pivotal Metals (ASX:PVT) – cap raise

At Stockhead, we tell it like it is. While VHM and RLF AgTech are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.