Dip-buying momentum weakens, US stock index futures fall, spot gold returns to the $4000 mark, and US Treasury bonds rise.

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Corporate profits and optimistic economic data have already been priced in by the market, but concerns triggered by high valuations of technology stocks still persist. As buying on dips weakens, US and European stock markets remain sluggish, and risk aversion continues to push up US Treasury and gold prices.

On November 6th, US stock index futures collectively declined, European stock indices opened lower overall, and most Asian stock indices rose with a few falling. US Treasuries rose, spot gold once again broke through the $4000 mark, crude oil rebounded slightly, the US Dollar Index remained basically flat, and cryptocurrencies fell back.

Takehiko Masuzawa, head of stock trading at Phillip Securities Japan, said that the market is recovering today, buying on dips is dominant, investors are cautious on AI semiconductor stocks, but they have not continued to sell—because there are still investors who want to buy these stocks.

Key market movements:

US stock index futures fell collectively: S&P 500 futures down 0.15%, Nasdaq 100 futures down 0.26%, Dow Jones futures down 0.11%European Stoxx 50 index opened down 0.3%, German DAX down 0.2%, UK FTSE 100 down 0.1%, French CAC 40 down 0.4%Nikkei 225 rose 1.19%10-year US Treasury yield fell 2 basis points to 4.14%US Dollar Index fell 0.14% to 100.05Spot gold returned above $4000/oz, up 0.73% intradayWTI crude oil up 0.62% to $59.97/barrelBitcoin down 0.3%, Ethereum down 1.5%

US stock index futures collectively declined: S&P 500 futures down 0.15%, Nasdaq 100 futures down 0.26%, and Dow Jones futures down 0.11%. Concerns over tech stock valuations remain. After the market digested US ISM Services Index and ADP jobs data, both stronger than expected, US stock index futures declined. Markets are focusing on the Supreme Court’s stance on Trump tariffs. According to CCTV News, the case is seen as an important test of the boundaries of President Trump’s power and whether he can expand his executive authority.

Nick Twidale, Chief Market Analyst at Sydney’s AT Global Markets stated:

Investors will definitely pay attention to this (tariff outlook), but before it translates into any real action I don’t think we’ll see major market reactions.

As concerns over tech stock valuations eased, Asian equities rebounded following the overnight US stock rally, with the Nikkei 225 up 1.19%. As US stock index futures fell, optimism weakened, and the rebound momentum narrowed.

Spot gold rose 0.73% to $4008.12/oz.

More updates to come.

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