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

Good morning everyone and welcome to Rise and Shine on Friday, November 14, 2025. Here’s what you should know before the ASX opens today…

At 7am AEST on Friday, ASX futures were pointing straight into the abyss, down 1.3% and extending yesterday’s 0.5% slide.

Here’s what went down overnight….

Wall Street has a panic attack

Wall Street didn’t so much wobble as faceplant. The Dow slipped 1.57%, the S&P lost 1.64%, and the Nasdaq dropped 2.37%.

Nvidia sunk nearly 5% intraday, now more than 10% off its recent record, and Tesla fell a clean 7%.

Disney was down 8% after earnings that made even the Big Short crowd look optimistic.

Speaking of which, Michael Burry was back stirring the pot.

Fresh off deregistering his Scion fund, he spent the week questioning whether Big Tech, now hopelessly addicted to Nvidia hardware, will ever make real money from its AI spending binge.

When the guy who called the housing crash starts pointing at the AI trade, traders listen.

But this whole episode comes down to one thing: megacap tech ran too far, too fast, with too much AI hopium. And overnight, someone finally yelled “valuation”.

The VIX rears its ugly head

If you want proof the mood shifted, check the VIX index, the market’s fear gauge. It surged nearly 20% last night, its biggest jump in months.

For traders, this kind of spike changes the entire playbook. Liquidity thins out and spreads widen.

Researchers at MIT didn’t help either. Their latest finding shows that “95 percent of organisations are getting zero return” from their AI investments.

Nothing like academic research to kill a trillion-dollar vibe.

Bitcoin joins the selloff

Bitcoin fell back below US$99,000 for the first time since May. BTC hasn’t managed to stay above $100k for too long lately.

“Without a clear and durable macro catalyst, bitcoin and the broader crypto market are likely to remain range-bound,” said Markus Thielen from 10x Research.

He also warned that if Bitcoin breaks $93k, brace for a deeper correction.

But Michael Saylor did his usual bullish sermon, saying, “There’s no doubt in my mind, bitcoin will be a larger asset class than gold by the year 2035.”

And finally…

Locally, ASX traders will be dealing with the mess from Wall Street while juggling a busy Friday AGM season.

Lendlease, Virgin Australia and Core Lithium all hit the stage, and given the overnight chaos, expect plenty of questions about guidance.

The big macro swing factor today is China, which drops October retail sales and industrial production data at 1pm AEDT.

If the numbers show even a whisper of softness, expect commodities to get the wobbles and the AUD to drop.

Commodity/forex/crypto market prices

What got you talking

Also in the news…

Health Check: EBR Systems’ (ASX:EBR) US sales are off to a heart-pumping start as clinicians take the Wise approach.

How South Australia emerged as an underrated gold exploration hotspot.

NSW puts critical minerals exploration on fast-track with grant rollout.

WTF with MHM: Tapping into the prolific riches of the Cobar Basin.

Resources Top 5: ASX explorers go global as the hunt for critical minerals heats up.

Trading halts

Adisyn (ASX:AI1) – important initial pre-clean surface treatment results
Critica (ASX:CRI) – cap raise
Genmin (ASX:GEN) – cap raise
IperionX (ASX:IPX) – Spruce Point report response
Island Pharmaceuticals (ASX:ILA) – FDA feedback pending
Rox Resources (ASX:RXL) – definitive feasibility study + cap raise
Sunrise Energy Metals (ASX:SRL) – cap raise

At Stockhead, we tell it like it is. While Star Minerals and EBR Systems 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.