Pre-Market: Volatility Rises, Divergence in Stock Index Futures
On Thursday, February 5th, before the U.S. stock market opened, market risk appetite continued to cool: the VIX index rose pre-market, and stock index futures showed a mixed pattern of "tech stability, overall caution" — Nasdaq 100 futures slightly rose, while Dow futures fell, and S&P 500 futures were also slightly weak.
Precious Metals and Oil: Silver Plummets, Still Deeply Down
The volatility in the commodity sector was more striking. Spot silver plummeted to around $73 during the session, with the maximum drop exceeding double digits; though it pulled back slightly, it remains in a significant downtrend. Meanwhile, spot gold fell to around $4,880, and oil prices also weakened, with WTI and Brent crude lingering around $64 and $68, respectively, pre-market.
From a macro narrative perspective, Reuters also noted: as some geopolitical tensions ease, the stronger dollar combined with thin liquidity, signs of funds retreating from "hard assets" are more evident, putting synchronized pressure on precious metals and energy.
Dollar and Crypto: Stronger Dollar, BTC Drops to 15-Month Low
In the forex market, the dollar index edged higher pre-market, maintaining a strong tone.
Crypto assets continue to "follow the risk": Bitcoin continued its downtrend, dropping to around $69,482 during the session, marking approximately a 15-month low; Ethereum also weakened in sync.
What the Market is Watching Next
Short-term focus remains on two themes: one is the pace of deleveraging under rising volatility (particularly the correlated pullback of precious metals and crypto); the other is the recalibration of risk asset pricing through earnings reports and policy communications — Reuters pointed out that tech stock volatility and risk aversion have jointly fueled dollar demand and amplified "sell pressure transmission" across assets.
