U.S. stock index futures are mixed, spot gold falls below $4,070, the U.S. dollar index breaks above 99, and cryptocurrencies decline

On October 22, the market remained overshadowed by trade tensions and concerns over a U.S. government shutdown. U.S. stock index futures were mixed, European stock indices opened lower, and Asian stocks mostly retreated due to declines in technology stocks. The U.S. dollar rose, U.S. Treasury yields were basically flat, gold and silver prices fluctuated, and cryptocurrencies generally fell.

In the previous trading day, gold and silver prices both plummeted due to profit-taking, technical corrections, and easing geopolitical crises. Spot gold prices once plunged 6.3%, marking the largest intraday drop in over a decade, and currently, spot gold is experiencing significant fluctuations. Suki Cooper, head of commodity research at Standard Chartered Bank, stated that technical selling is the main reason, as gold prices have been in the overbought zone since early September. Meanwhile, the bank expects gold prices to regain upward momentum next year.

• U.S. stock index futures were mixed, with S&P 500 futures up nearly 0.1%, Dow futures up 0.04%, and Nasdaq 100 futures down slightly by 0.01%.
• Netflix fell over 6% in pre-market trading, with Q3 earnings far below expectations and a downward revision of its full-year guidance.
• Major European stock indices opened lower, with the Euro Stoxx 50 index down 0.27%, the UK FTSE 100 index up 0.44%, the French CAC40 index down 0.29%, and the German DAX30 index down 0.04%.
• The U.S. dollar index broke above 99 for the first time since October 15.
• The yield on the 10-year U.S. Treasury bond remained flat at 3.96%.
• Spot gold fell below $4,070 per ounce, with a 30-minute drop of over $70 per ounce.
• Bitcoin fell nearly 0.4%, and Ethereum dropped nearly 0.9%.

U.S. stock index futures were mixed, with S&P 500 futures up nearly 0.1%, Dow futures up 0.04%, and Nasdaq 100 futures down slightly by 0.01%.

This week, corporate earnings reports are improving market sentiment, but uncertainties regarding trade prospects and concerns over the U.S. government shutdown have not been fully alleviated. Trump has injected new uncertainties into trade negotiations. Meanwhile, this U.S. government shutdown is about to become the second longest in history, leading to delays in the release of official data, including the inflation data originally scheduled for release on Friday.

Investors are currently focused on Tesla (TSLA), which will announce its earnings on Wednesday, marking the beginning of the "seven tech giants" releasing key earnings reports. Investors will pay attention to the company's latest news regarding the expiration of federal electric vehicle tax credits and the launch of its autonomous taxi service.

Spot gold fell below $4,070 per ounce. This pullback halted the rapid upward momentum since mid-August, with gold experiencing one of the most severe sell-offs in years in the previous trading day. Supported by market risk aversion and expectations for interest rate cuts by the Federal Reserve, gold prices have risen nearly 60% this year.

Although the volatility of spot prices has currently stabilized, traders are using options to hedge against the possibility of further price fluctuations. One-month implied volatility has surged to its highest level since March 2022, indicating that investors are preparing for price volatility Current geopolitical situation remains uncertain, gold prices fluctuate within a range. Although the U.S. has canceled the recent "Trump-Putin meeting," Hungarian Prime Minister Viktor Orbán stated on Wednesday that preparations for a peace summit with Russian President Vladimir Putin in Budapest are still ongoing, but the date is not yet determined. Orbán mentioned that Foreign Minister Szijjarto is advancing preparations in Washington.

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