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Daily Markets Update: Hot U.S. CPI Rattles Tech, Kospi Crashes 7.6%, TSX Slides 1.1% (Oct. 15)

  Thursday, October 15, 2026 | Canadian Money Brief | Daily Markets Update A hotter-than-expected U.S. inflation report turned Wednesday into a risk-off day, and the damage spread overnight to Asia, where South Korea's Kospi crashed 7.6% and triggered a market-wide circuit breaker. Here is where Canada, the U.S. and the world's other major markets stand this morning. Today's Headlines U.S. CPI hit 3.7% in September (3.6% expected, 3.4% in August), with core inflation at 2.6%. The Nasdaq fell 1.88% and the S&P 500 lost 1.11%. The TSX fell 1.11% to 35,584.46 , ending a three-day winning streak as materials plunged 4.33%. Asia sold off hard on AI valuation fears: Kospi -7.57% (seventh straight loss), Nikkei -4.90%. The loonie sits near an 18-month low at about 70.1 US cents as Fed-hike bets rise. Brent closed at US$106.06 and gold slid to a one-week low near US$4,084. Canada: TSX Ends Three-Day Win Streak The S&P/TSX Composite Index fell 399.52 points, or 1.11%, to...
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Market Mayhem: Weak Jobs Report and Tariffs Trigger Wall Street Sell-Off

 

Wall Street was rocked Friday as a disappointing U.S. jobs report and sweeping new tariffs sent shockwaves through financial markets. The S&P 500 plunged 1.5%, the Dow Jones Industrial Average dropped 486 points (1.1%), and the Nasdaq tumbled 2%—marking one of the worst trading days since May.

The Labor Department revealed that only 73,000 jobs were added in July, far below expectations. Even more alarming, revisions to May and June data erased 258,000 jobs, amplifying concerns about a slowing economy. Unemployment ticked up to 4.2%, further rattling investor confidence.

Adding fuel to the fire, President Donald Trump announced new tariffs on imports from 66 countries, with rates ranging from 10% to 41%, effective August 7. The move intensified fears of a global trade war and economic stagnation.

Bond markets responded sharply:

  • 10-year Treasury yield fell from 4.39% to 4.22%
  • 2-year Treasury yield dropped from 3.94% to 3.71%

Investors now see an 85% chance of a Federal Reserve rate cut in September, up from just 40% the day before. While a cut could stimulate the economy, it risks stoking inflation, which already rose to 2.6% in June.

Ellen Zentner of Morgan Stanley summed up the mood: “What had looked like a Teflon labor market showed some scratches this morning, as tariffs continue to work their way through the economy”.

With recession fears mounting and policy uncertainty looming, markets are bracing for a volatile August.


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