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Democrats Win U.S. Congress: What It Means for Canadian Tariffs and Your Wallet

  Canadian Money Brief • Wednesday, November 4, 2026 Democrats have won control of both the U.S. House and Senate, including seats in states Donald Trump carried by double digits two years ago. For Canadians, the big question is simple: does this end the tariffs? The short answer is not yet. What happened The Associated Press and major U.S. networks called the Senate for Democrats late Tuesday night and the House early Wednesday. Democrats flipped seven Republican-held Senate seats, according to Forbes’ tally of AP calls, including Maine, North Carolina, Iowa, Ohio and Texas. In the House, roughly 75 races were still undecided at last report, and the new Congress does not take over until 2027. Democratic leaders framed the result as a call for change, while news outlets widely described it as a rebuke of President Trump. Trump told the New York Times he was “absolutely willing” to accept the results and said Republicans would work with Democrats. Why it matters in Canada Democrati...
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Stock Market Update: S&P 500 Targets 5,000 Amid Earnings Momentum

 

Wall Street is poised to wrap up another week on a positive note, with the S&P 500 aiming for a significant milestone: 5,000 points. If achieved, this would mark the first time the index has closed at such heights. Let’s dive into the key highlights driving the market:

Corporate earnings have been the driving force behind this week’s gains. Notable winners include:

  1. Cloudfare: The cloud services provider surged more than 24% after beating Wall Street’s sales and profit forecasts. Its robust outlook for 2024 propelled the stock to new heights.

  2. Expedia: Despite beating sales and profit targets, the online travel booking company faced a premarket decline of 15.6%. The announcement of CEO Peter Kern’s replacement added to the volatility.

  3. Take-Two Interactive: The publisher of popular video games like “Grand Theft Auto” stumbled, missing sales and profit targets. The company also revised its outlook downward.

Global Market Snapshot

  • Asia: Trading was mixed in Asia due to the Lunar New Year holiday. Tokyo’s market ended slightly higher, touching a 34-year high earlier in the day. The Bank of Japan’s commitment to its monetary policy supported investor sentiment.

  • Europe: Germany’s DAX and France’s CAC 40 remained flat at midday, while Britain’s FTSE 100 ticked up 0.1%.

  • China: Markets in mainland China were closed, and Hong Kong had a half-day session, with the Hang Seng shedding 0.8%. China’s securities regulator took measures to stabilize financial markets.

  • Australia: The S&P/ASX 200 added nearly 0.1%.

Commodities and Currency

  • Crude Oil: Benchmark U.S. crude lost 16 cents to $76.06 a barrel, while Brent crude declined 25 cents to $81.38 a barrel.

  • Currency: The U.S. dollar weakened against the Japanese yen (149.17 JPY) and the euro (1.0789 EUR).

  • Bitcoin: The cryptocurrency surged 4.6%, reaching $47,000 for the first time in nearly two years.

In summary, Wall Street’s upward trajectory continues, fueled by strong earnings reports. As investors keep an eye on the S&P 500’s march toward 5,000, the market remains dynamic and full of opportunities.


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