November 18, 2025 — U.S. equity futures surged then retreated, with Nasdaq futures rising more than 1% intraday before turning lower. Spot gold fell for a third straight session, slipping below the $4,080 level. Bitcoin rebounded 1.7% to reclaim the $95,000 handle. The U.S. Dollar Index edged higher, while Treasury yields pulled back to 4.13%. Market dynamics continue to center on the tug-of-war between “repricing Fed expectations” and “AI leaders’ earnings risk.”
U.S. Equities: Nasdaq Futures Turn Volatile; Alphabet Rises 3.9% on Buffett Backing
S&P 500 futures rose as much as 0.7% before ending flat.
Nasdaq 100 futures gained over 1% but later pared gains, while Dow futures slipped 0.1%.
Stock highlight:
Alphabet gained 3.9% in pre-market trading after Berkshire Hathaway disclosed a $4.9 billion position.
Sector trends:
• Tech divergence: Semiconductors remained under pressure amid caution ahead of Nvidia’s earnings, while communication services outperformed.
• Rotation flows: Some capital shifted to defensive sectors; energy and financials remained relatively resilient.
Precious Metals: Gold Falls for a Third Day as Stronger Dollar and Fading Rate-Cut Bets Weigh
Spot gold fell 0.1% to $4,079.79/oz, a one-week low.
Spot silver dipped 0.3% to $50.32.
Drivers:
• Dollar and rate pressure: The Dollar Index strengthened to 99.30 as hawkish Fed commentary dampened odds of a December rate cut (probability down to 46%).
• Technical breakdown: Gold fell below the key $4,100 psychological level, with short-term moving averages forming a bearish alignment.
FX & Crypto: Dollar Inches Higher; Bitcoin Rebounds on Technical Correction
The Dollar Index rose 0.1% to 99.30.
EUR/USD slipped to 1.1600; USD/JPY hovered near 154.50.
Policy backdrop:
Markets await the November 20 FOMC minutes for clues on the rate-cut trajectory.
Cryptocurrencies:
Bitcoin rose 1.7% to $95,000; Ethereum gained 3.8% to $3,189.
Rebound logic:
A short-term oversold technical bounce, though sustained inflows remain uncertain until Trump’s policy outlook becomes clearer.
