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ASX 200 futures -0.4% on 6 November after the Nasdaq falls 5.52% in an AI chip rout; Brent +4.20%

Chip index -12.25% and VIX +69.78% to 28.18; AUD -1.10% to 0.6930; MQG.AU reports its half-year result today.

Bearish4 min readBy Swingfolio Research

At a glance

ASX 2009,065+2.61%
S&P 5007,354-4.36%
NASDAQ24,315-5.52%
Dow51,523-3.44%
VIX28.18+69.78%
Gold4,098+0.62%
Brent98.59+4.20%
AUD/USD0.693-1.10%
ASX SPI futures9,043-0.39%

ASX 200 futures -0.4% on 6 November after the Nasdaq falls 5.52% in an AI chip rout; Brent +4.20%

Sentiment: bearish ASX 200 futures: -0.4% (down 35 points to 9,043)

ASX 200 futures fell 35 points, or about 0.4%, to 9,043 at 7:40am AEDT on 6 November 2026, after the S&P 500 lost 4.36% to 7,353.73 and the Nasdaq 5.52% as investors priced tighter rules on AI data centres under a Democratic Congress. The Philadelphia Semiconductor index fell 12.25%, with MU.US -17.46%, AMD.US -17.26% and NVDA.US -9.26%. The ASX 200 closed Thursday up 2.61% at 9,065.1, and the AUD fell 1.10% to 0.6930 overnight.

Overnight drivers

The S&P 500 fell 4.36% on 5 November 2026, its largest one-day drop since April 2025 per Westpac, a day after it gained 1.58% on the Democratic midterm win.

  • Data centre rules: Texas's Democratic governor-elect has pledged a temporary moratorium on new data centre approvals, and Virginia has a proposed three-year moratorium, CBA's Samara Hammoud wrote. Of 41 data centre ballot measures this week, all but one went against server farms, per Reuters citing Ballotpedia. VRT.US -14.02%, DELL.US -14.89%, NBIS.US -14.94% and IREN.US -16.95%. NXT.AU (+50.84% on Thursday) and GMG.AU (+7.03%) own data centre businesses.
  • Positioning: Nomura's Charlie McElligott attributed the fall mainly to hedge funds locking in 2026 gains, per Yahoo Finance. Retail investors sold a net US$358 million of US stocks, their biggest selling day since March 2020, per Vanda Research.
  • Crude: January Brent +4.20% to US$98.59 and WTI +2.97% to US$90.74. The Motley Fool cited tanker attacks in the Middle East, and Yahoo Finance cited doubt over whether a US-Iran deal will end the war. WDS.AU fell 6.02% and STO.AU 5.41% on Thursday, when Brent traded lower.
  • Yields and the Fed: US 10-year -5.7 bps to 4.837% as markets removed one Fed rate rise from the forward path, per the ABC. JPM.US -4.19%, BAC.US -3.62% and XLF.US -2.87%.

Overnight Wall Street

  • S&P 500: 7,353.73 (-4.36%)
  • Nasdaq: 24,315.00 (-5.52%)
  • Dow: 51,523.06 (-3.44%)
  • VIX: 28.18 (+69.78%)

The Nasdaq closed at 24,315.00 on 5 November 2026, down 5.52%, which Reuters said confirmed a correction. XLK.US lost 8.00% while XLU.US fell 0.71%, XLP.US 0.75% and XLC.US 0.59%, and the equal-weight RSP.US lost 2.89% against 4.36% for the S&P 500. The Russell 2000 fell 4.45%. SNDK.US -22.26%, WDC.US -17.35%, LRCX.US -16.36%, AMAT.US -13.58%, ARM.US -13.08% and AVGO.US -10.43%. QCOM.US lost 9.49% after its fiscal fourth-quarter report.

AAPL.US -1.53%, AMZN.US -2.19%, GOOGL.US -2.20%, MSFT.US -3.58% and META.US -3.96% fell less than the chip index. TSLA.US lost 10.77% and SPCX.US 9.05%. APP.US rose 31.04% after its third-quarter result. Bitcoin fell 5.21% to US$75,976.

STOXX 600 -0.38%, DAX -0.43% and FTSE 100 -0.43% at the European close, while the CAC 40 gained 0.34%. On Thursday, South Korea's KOSPI fell 5.28% and the Nikkei 1.79%, while the Hang Seng gained 3.67%.

Commodities and FX (AU-relevant)

  • Gold: US$4,098.40/oz (+0.62%)
  • Brent: US$98.59 (+4.20%)
  • Copper: US$6.21/lb (-3.46%)
  • Iron ore: US$93.75/t (+0.7%)
  • AUD/USD: 0.6930 (-1.10%)

Copper's 3.46% fall on 5 November 2026 came with FCX.US -7.51%, BHP.US -1.95% and RIO.US -1.66%, after the ASX 200 Materials index gained 7.55% on Thursday. December gold rose 0.62% and NEM.US 1.35%, against a 12.38% gain in the All Ords Gold index on Thursday. AUD/USD at 0.6930 lifts the translated value of US dollar earnings at CSL.AU, RMD.AU and COH.AU, and of gold sold in US dollars.

Key themes for the ASX open

  • Technology: the ASX 200 Information Technology index rose 10.09% on Thursday, with XRO.AU +12.55% to $70.86, WTC.AU +7.48% to $44.84, 360.AU +9.69% and TNE.AU +5.30%, before the 8.00% fall in XLK.US.
  • Data centres: NXT.AU closed at $9.85 after a Goodman and Digital Realty vehicle offered $9.50 a share for up to 9.9% of the company. GMG.AU closed at $28.76.
  • Miners: RIO.AU closed at $153.04 (+6.98%), BHP.AU at $59.00 (+6.19%), FMG.AU at $15.49 (+9.16%) and MIN.AU at $48.21 (+11.19%), before copper's 3.46% fall.
  • MQG.AU: reports its half-year result today. Morgan Stanley expects profit to rise 29% to $2.14 billion, per the Motley Fool. The shares gained 3.41% to $258.40 on Thursday.
  • PDN.AU: produced 1.0 million pounds of uranium oxide in the September quarter, below consensus per Morgans, and sold 1.16 million pounds at a record realised US$79.4/lb. CCJ.US fell 4.67%. The shares closed Thursday at $7.57.
  • Energy and fuel: WDS.AU closed at $30.59, STO.AU at $8.56 and QAN.AU at $9.45 (+6.18%), before Brent's 4.20% rise.

Economic calendar today

  • 11:30am AEDT: ABS births, 2025
  • Saturday 12:30am AEDT: US employment report, October (65,000 payrolls expected)

What to watch

  • Futures at 9,043 sit 22 points below Thursday's ASX 200 close of 9,065.1, the session high, after advancers led decliners 194 to 31.
  • 28.18 is the US VIX after a 69.78% rise, against an AU VIX close of 11.65 on Thursday.
  • 0.6930 is AUD/USD, down from above 0.70 on Thursday, ahead of the US October payrolls report on Saturday morning AEDT.

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