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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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Market Gains Amid Anticipation of Key Data and Big Tech Earnings

 

U.S. stock markets saw gains today as investors eagerly await crucial economic data and earnings reports from major technology companies. The Nasdaq Composite rose by approximately 0.7%, while the S&P 500 and the Dow Jones Industrial Average each increased by about 0.5%.

The market’s positive movement was partly driven by relief over geopolitical tensions in the Middle East, with Israel’s limited retaliatory strikes on Iran focusing solely on military targets. This development led to a significant drop in oil prices, with Brent crude falling nearly 6% to around $71 a barrel.

Investors are particularly focused on the upcoming earnings reports from five of the “Magnificent Seven” tech giants: Alphabet, Apple, Amazon, Microsoft, and Meta. These reports are expected to provide insights into whether investments in artificial intelligence are translating into profits. Additionally, the market is bracing for key economic indicators, including the Federal Reserve’s preferred inflation gauge and the October jobs report, which could influence future interest rate decisions.

Overall, the anticipation of Big Tech earnings and critical economic data has set the stage for a potentially volatile week in the stock market.


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