U.S. stock index futures are mixed, with Netflix dropping over 6% in pre-market trading, spot gold falling below $4,070, the U.S. dollar index breaking above 99, and cryptocurrencies declining

On October 22, the market remained shrouded in the gloom of trade tensions and the U.S. government shutdown. U.S. stock index futures were mixed, major 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 0.01%.
• Netflix fell over 6% in pre-market trading, with Q3 earnings far below expectations and a downward revision of the 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 99 for the first time since October 15.
• The 10-year U.S. Treasury yield was 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 fell 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 0.01%.

This week, corporate earnings improved market sentiment, but uncertainties regarding trade prospects and concerns stemming from 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 set to become the second longest in history, leading to delays in the release of official data, including the inflation data for September that was originally scheduled to be released on Friday.

Investors are currently focused on Tesla (TSLA), which will announce its earnings on Wednesday, marking the beginning of the release of key earnings reports from the "seven tech giants." 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 rise since mid-August, with gold experiencing the most severe sell-off in years in the previous trading day. Supported by market risk aversion and expectations for interest rate cuts from the Federal Reserve, gold prices have risen nearly 60% this year.

Although the volatility of spot prices has now 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 The current geopolitical situation remains uncertain, and gold prices are fluctuating 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 yet to be determined. Orbán mentioned that Foreign Minister Szijjarto is advancing preparations in Washington.