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Weekly Market Snapshot: AI Rout, Oil Plunge and Weak Jobs Rock the Week (Nov 2–6)

  It was a week of two completely different markets. Stocks jumped early after Democrats won control of Congress in the U.S. midterms, and oil collapsed on hopes of a path to ending the Iran conflict. Then, on Thursday, a violent AI and chip selloff hit Wall Street, tipped the Nasdaq into a correction and spread to Asia and Europe on Friday. Canada's S&P/TSX managed a small weekly gain, helped by metals and a late bounce, but the loonie and the job market told a weaker story at home. 🇨🇦 Canada: A Small Gain, a Big Midweek Swing The S&P/TSX Composite closed Friday at 35,789.09 , up 183.82 points on the day and about 0.5% higher for the week from last Friday's 35,620.03. The path was bumpy: the index climbed to 36,341.40 on Wednesday (+2.28%), then dropped 736 points (-2.03%) on Thursday to 35,605.27, its sharpest one-day fall in about five months, as tech stocks sold off with Wall Street. Friday's rebound was led by base metals, health care and technology. Shopify...
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Wall Street Futures Dip as Holiday-Shortened Week Concludes

 

 U.S. stock index futures fell on Friday as Wall Street wrapped up a holiday-shortened week. The Dow Jones Industrial Average futures dropped 119 points (0.27%), while S&P 500 futures declined by 22 points (0.36%). Futures tracking the tech-heavy Nasdaq 100 also fell by 92.25 points (0.42%).

Despite the dip, the S&P 500 has nearly recovered from last week's losses, driven by the U.S. Federal Reserve's projection of fewer interest rate cuts in 2025. The benchmark index is now just 1% below its all-time high reached on December 6.

Investors are now eyeing the "Santa Claus rally," a traditional stock-buying season in the last five trading sessions of December and the first two of January. Historically, the S&P 500 has climbed 1.3% on average during this period since 1969.

Trading volumes have been lower than average this week and are expected to remain subdued until January 6. The next major focus for markets will be the December employment report due on January 10.




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