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

Good morning everyone and welcome to Rise and Shine on Thursday, November 6, 2025. Here’s what you should know before the ASX opens today…

At 7am AEST Thursday, ASX futures were up 0.7%, pointing to a strong start after Wall Street pulled off another late-night recovery act.

Here’s what happened while you were asleep….

Wall Street buys the dip

The Dow rebounded by 0.63%, the S&P 500 rose 0.75%, and the Nasdaq tacked on 1.09%.

US bond yields ticked up, with the 10-year at 4.16%, after US services activity hit its fastest pace in eight months and private payrolls showed modest growth.

The data confirmed what everyone already knew: the US economy remains strong, even as the Fed’s Stephen Miran openly backed another rate cut in December.

Tesla rose 4% ahead of today’s shareholder vote on Elon Musk’s pay package, while Nvidia added 1.2% as the market continues to treat “AI exposure” as an asset class of its own.

Meta clawed back 2% after its brutal four-day sell-off, which erased more than US$300 billion in value.

The market’s verdict was simple: spending US$70 billion on AI infrastructure is fine, as long as you explain how it makes money.

Novo Nordisk slipped 4.5% after cutting its earnings forecast for the fourth time this year, blaming sluggish sales of Wegovy and Ozempic.

Apple stayed flat amid reports it’s close to paying Google US$1 billion a year to power a rebuilt Siri using Google’s large-scale AI model.

Nigel Green calls time on hype

DeVere Group CEO Nigel Green says the market’s long AI honeymoon is facing a reality check.

“AI and tech valuations have been expanding faster than earnings for some time,” he said.

“The innovation is genuine, but the profitability still has to prove itself.”

He described the current volatility not as panic but as “price discovery after months of excessive momentum,” with investors now testing whether trillion-dollar tech names can actually justify their valuations.

“Chipmakers sell to hyperscalers, hyperscalers sell to software developers, and software developers sell to one another.

“This creates the illusion of relentless growth, but it’s largely demand recycling within the same ecosystem.”

Green’s message is simple: the hype cycle is maturing, and the market’s finally demanding proof, not just promise.

Bitcoin finds a bid, finally

Bitcoin regained its footing above US$104,000 after briefly dipping below six figures, its lowest since June.

The rebound tracked the broader “risk-on” tone across equities as US payroll and services data suggested stability without overheating.

But with yields back on the rise, crypto remains a high-beta mirror of sentiment rather than a hedge against it.

And finally…

Locally, NAB headlines with full-year results, while Amcor and Light & Wonder post quarterly updates.

Australia’s September trade data lands at 11:30 am AEST, giving another read on export resilience.

Commodity/forex/crypto market prices

What got you talking

Also in the news…

Health Check: Our flu recovery prognosis is positive, CSL tells investors.

Biocurious: Buoyed by capital raisings, biotechs storm home with a wet sail.

ASX Tech October Winners: Sector buckles under Xero and WiseTech, but Weebit joins $1bn club.

ASX Health October Winners: When CSL (ASX:CSL) sneezes, sector catches flu.

ASX Health Quarterly Wrap: Progress on multiple fronts in strong start to FY26.

Trading halts

Alliance Nickel (ASX:AXN) – offtake agreement with Stellantis
Eagle Mountain Mining (ASX:EM2) – Oracle Ridge Mine option and cap raise
Verbrec (ASX:VBC) – material acquisition
Wisr (ASX:WZR) – cap raise

At Stockhead we tell it like it is. While Nova Minerals is a Stockhead advertiser, it did not sponsor this article.

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