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

Good morning everyone and welcome to Rise and Shine on Wednesday, November 5, 2025. Here’s what you should know before the ASX opens today…

At 7 a.m. AEST Wednesday, ASX futures were down 0.2%, pointing to a modestly weak start to the day.

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

Tech tumbles on Wall Street

Wall Street decided to take a breather.

The Dow fell 0.58%, the S&P 500 slipped 1.14%, and the Nasdaq shed 1.93% as the tech sector finally remembered that valuations don’t rise forever.

Tesla slumped 4.5% hit after Norway’s US$1.6 trillion wealth fund said it would vote against Elon Musk’s US$1 trillion pay packet.

Data analytics firm Palantir was whacked 9% despite solid results, because apparently “beating estimates” no longer means anything if you don’t also promise eternal growth.

That’s awkward timing for billionaire Stan Druckenmiller, who’s been calling Palantir one of his biggest AI bets.

Nvidia also slipped 3.5% as Michael Burry of Big Short fame revealed he’s betting against it and Palantir.

The last time Burry called a bubble, the world nearly ended (think GFC 2008). This time, maybe just the Mag7 portfolio will.

Elsewhere, Apple is preparing a budget Mac to take on Chromebooks.

Hertz was the surprise of the night, soaring 40% after posting a profit – yes, the car-rental company that was bankrupt three years ago is now beating analyst estimates.

Bitcoin loses its shine

Cryptos tumbled overnight.

Bitcoin slid 6% to hover below US$100,000, down almost 20% from its October high and mirroring the sell-off in AI stocks.

Ethereum followed suit, slipping below US$3,300 and officially entering bear-market territory.

Traders are now calling it “the great crypto hangover”.

Open interest in Bitcoin futures is still way below pre-crash levels, and funding costs are finally favourable, but nobody seems to want back in for now.

And finally…

Back home, it’s a busy Tuesday.

CSL and Woodside are both holding investor days; expect lots of slides and phrases like “disciplined capital allocation.”

Goodman Group drops its quarterly numbers, and Challenger Financial has a market update for those who still care about annuities.

Commodity/forex/crypto market prices

What got you talking

Also in the news…

Health Check: Biotechs canter into November, but the ‘favourites’ have lead in their saddlebags.

ASX October Winners: Modest gains for ASX as Mount Ridley soars 967pc.

Up, Up, Down, Down: Gold hit a record but will we look back on October as lithium’s turning point?

ASX Quarterly Tech Wrap: Acquisitions, deals and capital raises.

Dr Boreham’s Crucible: Nova Eye’s US vision sharpens as profits come into view.

Trading halts

AuKing Mining Ltd (ASX:AKN) – clarification of sale-agreement status regarding Cloncurry project
SportsHero Ltd (ASX:SHO) – court application re cleansing notice omission

At Stockhead we tell it like it is. While BrightStar Resources and Mount Ridley Mines 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.