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5 Things to Know Today (Sept 30): Banks Closed, U.S. Booze Ban, Rising Mortgage Rates

  It's Wednesday, September 30, and today is a federal holiday, so plan your banking accordingly. Meanwhile the U.S. booze ban is now in force, fixed mortgage rates keep climbing, the economy stalled in July and Ontario's minimum wage rises tomorrow. Here's what matters for your wallet. 1 Banks are closed today, so don't leave payments to the last minute Today is the National Day for Truth and Reconciliation. It's a federal statutory holiday, which means bank branches, Canada Post, the CRA and Service Canada are closed. It is not a statutory holiday in Ontario, so schools, TTC and GO Transit run as usual, most stores are open and LCBOs open at noon. The TSX is scheduled to trade, but trade settlement is paused for the day, so trades made today settle later than usual. What it means for you: If something has to land by October 1 (rent, a bill, a cheque deposit), don't count on today. Transfers and cheque deposits may not post until Thursday, so send them early ...
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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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