Friday, October 30, 2026 | Covers Thursday's closes plus Friday's early moves in Asia and Europe
A single stock did the damage on Wall Street on Thursday. Alphabet sank 12.6% after weaker-than-expected growth, its worst day on record, and dragged the Nasdaq down 1.4% even though most stocks in the S&P 500 actually rose. Back home, the TSX finished almost exactly flat at 36,249.03, with bank gains offsetting a slide in gold miners. After the close, Amazon and Intel both fell on disappointing results, and Asian markets sold off hard on Friday.
Market Snapshot
| | | C$ in US cents 71.51¢ +0.36% |
Canada: Banks Up, Miners Down, TSX Flat
The S&P/TSX Composite slipped 16.06 points, or 0.04%, to 36,249.03. That leaves it about 2% below its August record high. Banks did the lifting as easing oil prices calmed worries that interest rates will stay higher for longer: RBC rose 0.6%, TD 0.7%, Scotiabank 0.9%, CIBC 1.0% and BMO 1.2%.
Gold miners did the dragging as bullion fell about 1% toward US$4,000 an ounce. Agnico Eagle fell 4.1%, Wheaton Precious Metals 2.7% and Barrick 2.6%. Several miners also reported third-quarter results after Wednesday's close, with Kinross down 6.3% and Alamos down 9.1%.
| Index / Rate | Level | Change | % Move |
|---|
| S&P/TSX Composite | 36,249.03 | -16.06 | -0.04% |
| S&P/TSX 60 | 2,156.78 | +2.93 | +0.14% |
| Canadian dollar (US$) | 71.51¢ (C$1.3985) | +0.26¢ | +0.36% |
| Canada 10-year yield | about 3.85% | — | little changed |
Thursday, Oct. 29 close. Loonie finished at US$0.7151 vs. US$0.7125 Wednesday, its best close since Sept. 16.
One more Ontario note: the province's fall fiscal update on Thursday forecast a wider deficit than expected and a later return to balance, as it extends tax relief to businesses and support to tariff-hit sectors.
United States: One Stock Moves the Whole Index
Alphabet's 12.6% plunge came after quarterly growth fell short of expectations and reignited worries about whether huge AI spending will pay off. Software stocks also took a beating, with ServiceNow down about 25% and Fortinet about 21%, and Caterpillar fell as much as 12% intraday on a forecast that did not impress. Treasury yields eased after the data.
The economic data was a mix of strong growth and stubborn inflation. U.S. GDP grew at a 3.4% annualized pace in the third quarter, above the 3.1% economists expected. September's PCE price index rose 0.5% on the month for an annual rate of 3.6%, with core inflation at 3.1%, both in line with forecasts. Weekly jobless claims came in at 194,000. This follows Wednesday's Fed decision to hold at 3.75% to 4.00%, with two officials voting for a hike.
| Index | Close | Change | % Move |
|---|
| Dow Jones Industrial | 52,342.56 | -132.54 | -0.25% |
| S&P 500 | 7,720.39 | -23.59 | -0.30% |
| Nasdaq Composite | 26,184.72 | -365.13 | -1.38% |
| Russell 2000 (small caps) | — | — | +0.97% |
Thursday, Oct. 29 close. The equal-weighted S&P 500 rose about 1.2% even as the cap-weighted index fell.
After the bell: Amazon fell roughly 6% to 7% in extended trading, citing heavy spending and slower online sales growth. Intel dropped around 20% after guiding fourth-quarter revenue below expectations and pointing to a PC slowdown. U.S. futures slid early Friday.
Europe and Asia: Europe Closed Higher, Asia Hit by the Tech Rout
European stocks had a good Thursday, with the STOXX 600 closing at its highest level since early September after the European Central Bank held its rate at 2.50%. Markets were also surprised by news that ECB President Christine Lagarde will step down in February, well before her term ends. Early Friday, the tech selloff reached Europe, with chip names like ASML, Infineon and ASM International falling.
| Index | Thu Close | Thu % Move | Fri Morning |
|---|
| STOXX Europe 600 | 649.11 | +0.77% | -0.2% |
| Germany DAX | 26,039.68 | +1.31% | -0.4% |
| France CAC 40 | 7,970.00 | +1.05% | -0.1% |
| UK FTSE 100 | 10,722.07 | +0.26% | +0.3% |
Thursday figures are closing levels; Friday moves are early-session and will change through the day.
Asia took the brunt of the Amazon and Intel news on Friday. South Korea's KOSPI plunged about 4.9%, triggering a brief halt in program trading, with chipmakers like SK Hynix and Samsung leading the way down. Japan's Nikkei fell more than 2% even after the Bank of Japan held its rate at 1.25% in an 8-1 vote. The BoJ said for the first time that underlying inflation has reached its 2% goal, which opens the door to a possible December hike. Hong Kong bucked the trend and rose.
| Market (Friday) | Move |
|---|
| Japan Nikkei 225 | ▼ more than 2% |
| South Korea KOSPI | ▼ about 4.9% |
| Hong Kong Hang Seng | ▲ about 1.4% |
| Australia S&P/ASX 200 | ▲ about 0.3% |
| China Shanghai Composite | ▼ lower |
Asian figures are approximate and vary slightly by source and time of day.
Oil, Gold and the Loonie
Oil ended a choppy session slightly lower as hopes for U.S.-Iran peace talks offset supply worries from Houthi attacks and tanker incidents near the Strait of Hormuz. Both benchmarks fell more than US$2 at one point before recovering. Even so, Brent is up nearly 14% in October and WTI about 15%, putting WTI on track for its first monthly close above US$100 since April. Oil is back to climbing early Friday.
The Canadian dollar closed at US$0.7151, its strongest finish since Sept. 16, as the gap between U.S. and Canadian bond yields narrowed following the Bank of Canada's first rate hike in more than three years.
| Commodity / Yield | Level | % Move (Thu) |
|---|
| WTI crude (US$/bbl) | US$102.00 | -0.76% |
| Brent crude (US$/bbl) | US$114.88 | -0.38% |
| Gold (US$/oz, spot) | about US$4,020 | about -1% |
| U.S. 10-year Treasury yield | just under 5% | lower |
Oil figures are Thursday settlements. Brent was trading near US$116 on Friday morning.
What It Means for You
- Gas and heating costs: with WTI back above US$100 and October on track for a fourth straight monthly gain in oil, pump prices and winter heating bills are the main household risk right now.
- Variable-rate borrowers: Wednesday's Bank of Canada hike to 2.50% is already flowing into prime (RBC's prime moved to 4.70%). Fixed rates follow bond yields, and Canada's 10-year, near 3.85%, has barely moved.
- Your TFSA and RRSP: Thursday showed how concentrated U.S. indexes are. The S&P 500 fell while most of its stocks rose. If a single mega-cap stock moves your balance, it is worth checking how much of your fund sits in the same few names.
- The loonie: at about 71.5 U.S. cents, it is at a six-week high. That helps a little with U.S.-dollar purchases and winter travel budgets, but it is a modest move.
What to Watch Today and Next Week
- Canada's August GDP (8:30 a.m. ET today): economists polled by Reuters expect +0.2% after a flat July. It will also include Statistics Canada's early read on September and the third quarter.
- Amazon and Intel reaction: both fell after the bell, and U.S. futures were pointing lower early Friday. Watch whether the tech selloff extends or stabilizes at the open.
- Euro-zone data: third-quarter GDP and October inflation are due today, a day after the ECB held at 2.50% and Christine Lagarde said she will step down in February.
- Tariff changes: the revised U.S. Section 338 product list took effect at 12:01 a.m. ET today. The 50% rate stays; some goods (plywood, certain paper, machinery) come off the list while others (including paint, flooring and cocoa powder) go on. Steel and auto talks continue.
- Next week: U.S. midterm elections on Tuesday, Nov. 3, then Canada's federal Budget on Thursday, Nov. 5. The next Fed decision is Dec. 9, where a hike is priced at roughly 76% to 80%.
This article is for general information only and is not investment, tax or financial advice. Market figures are based on Thursday, October 29, 2026 closing data from major financial news and market-data sources, plus early Friday trading, and may be revised. Check with a licensed advisor before making investment decisions. Read more in the Canadian Money Brief.
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