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Daily Markets Update: Nasdaq Hits Record as Yields Top 5.3%, TSX Flat, Loonie Near 70¢

  S&P/TSX 35,518.55 +0.04% S&P 500 7,773.99 +0.66% Nasdaq 27,477.31 +1.05% Brent US$100.42 -1.8% USD/CAD 1.4250 Flat US 10-yr 5.315% +3.8 bp Monday, October 5 close, with Asia’s Tuesday session. Wall Street’s tech rally pushed the Nasdaq to a fresh record on Monday even as long-term bond yields kept climbing: the U.S. 10-year Treasury yield settled at 5.315%, a new 52-week high. Canada’s TSX barely moved, with tech gains offsetting a slide in energy and financials, and Cenovus fell after unveiling a C$5.7-billion takeover of Athabasca Oil. Oil dropped nearly 2% as G7 emergency stock releases and rising Middle East exports eased supply fears, and the loonie hovered near 70 U.S. cents, close to its weakest level in about 18 months. Canada: TSX Flat as Tech Offsets Energy Index / Stock Close Change S&P/TSX Composite 35,518.55 +0.04% Shopify (SHOP) — +5.7% Athabasca Oil (ATH) — +13.5% Cenovus Energy (CVE) C$44.86 -3.0% Suncor Energy (SU) — -1.2% The TSX added 15.90 points ...
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Stock Market Today: Indices Rebound as Investors Seek Recovery

US stock futures are pointing to gains today as investors look to build on Tuesday’s trading session that snapped a three-day losing streak. After a bruising sell-off on Monday, traders have recovered some losses, and the market is showing signs of resilience.

Key Points:

  1. Tuesday’s Rebound: The S&P 500 and Nasdaq 100 rose about 1% in Tuesday’s trading session, driven by investor optimism. Concerns about an imminent recession have subsided, and the CBOE Volatility Index (VIX) plunged 29%, indicating that investors are buying the dip.

  2. Normal Market Behavior: Wall Street strategists emphasize that sharp declines in equity prices are normal. Pullbacks and corrections of 10% or more are typical in any bull market. Despite recent volatility, the overall economic outlook remains positive.

  3. Goldman Sachs CEO’s Perspective: Goldman Sachs CEO David Solomon downplayed the need for emergency interest rate cuts by the Federal Reserve. He believes the US economy will continue to grow, and a recession is unlikely.

  4. Sector Gains: The gains on Tuesday were broad-based, with sectors like technology (Nvidia and Meta Platforms) and healthcare (Eli Lilly) showing strength.

In summary, while market fluctuations can be unsettling, today’s rebound reflects investor confidence and a belief in the underlying strength of the economy.



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