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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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Court Battle Aims to Reopen Parliament Amid Prorogation Crisis

A novel legal challenge has hit the Federal Court as opponents seek to force MPs back to work before Prime Minister Justin Trudeau’s prorogation period ends. Filed by the Calgary-based Justice Centre for Constitutional Freedoms on February 13, 2025, the suit argues that suspending parliamentary business until late March undermines democracy by preventing legislators from addressing urgent issues—including the looming U.S. tariff threat and stalled legislation like the capital gains tax reform.

Critics claim the prorogation was a politically motivated tactic designed to delay accountability during a turbulent period. They assert that Parliament’s essential role—to debate policy and hold the government to account—is compromised when the House sits on hiatus. With the hearing scheduled for later this week, legal experts say the outcome could set an important precedent on the limits of executive power and parliamentary rights.

As Canada navigates political uncertainty amid a leadership transition, the challenge highlights growing calls for transparency and a more robust system of checks and balances.


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