Canadian Money Brief • Daily Markets Update
Friday, October 23, 2026 — covering Thursday’s close
Wall Street’s tech-fuelled slide, a surge in oil and a plunge in gold dragged global markets lower on Thursday. The S&P/TSX Composite Index fell 351.54 points, or 0.97%, to 35,973.45, backing off from Wednesday’s four-week closing high. The Nasdaq lost 2.60% in its worst day since early June, and Brent crude jumped 4.0% to US$113.17, its highest settlement since May 4.
The Day in 4 Lines
- AI-funding fears hit tech after Meta and Tesla earnings; Meta fell about 7%.
- Oil spiked on Houthi attacks in Saudi Arabia and Strait of Hormuz tensions.
- Gold tumbled about 2.8% as oil-driven inflation worries lifted rate-hike bets.
- The loonie edged higher on oil and Bank of Canada hike expectations.
🇨🇦 Canada: TSX Pulls Back From a Four-Week High
Canada’s main index fell about 1% as weaker gold and copper prices hit mining stocks and technology shares slid on renewed worries about AI spending. The pullback came a day after the TSX posted its highest close since Sept. 22, following Ottawa’s multi-billion-dollar support package for sectors hurt by U.S. tariffs.
Celestica was among the biggest decliners, sliding as much as 10% at midday, while gold miners such as Agnico Eagle and Barrick dropped with bullion. On the upside, Mullen Group jumped about 7% at midday after quarterly results that beat estimates. The small-cap TSX Venture Exchange fell 3.13%.
Canada — Thursday, Oct. 22 close| Index | Close | Change |
|---|
| S&P/TSX Composite | 35,973.45 | ▼ −0.97% |
| S&P/TSX 60 | 2,141.35 | ▼ −0.62% |
| TSX Venture | 821.96 | ▼ −3.13% |
🇺🇸 United States: Nasdaq Suffers Its Worst Day Since June
U.S. stocks ended sharply lower, except for the blue-chip Dow, which eked out a gain of 11.89 points. The S&P 500 dropped 93.74 points to 7,663.43 and the Nasdaq fell 694.00 points to 26,008.86.
Investors fixated on the cost of building out artificial intelligence. Meta beat expectations but slid about 7% after posting its first cash outflow in more than a decade and outlining plans to issue non-voting shares to raise capital. Tesla fell after trimming its annual capital-spending forecast, and chipmakers were hit hard; the Philadelphia semiconductor index is now more than 26% below its June 22 record close. U.S. Treasuries rallied as investors sought safety, pushing the 10-year yield down roughly 11 basis points to about 5.04%.
United States — Thursday, Oct. 22 close| Index | Close | Change |
|---|
| Dow Jones Industrial Average | 52,867.98 | ▲ +0.02% |
| S&P 500 | 7,663.43 | ▼ −1.21% |
| Nasdaq Composite | 26,008.86 | ▼ −2.60% |
🇪🇺 Europe: French Fiscal Worries Add to the Pressure
European shares closed lower as the AI selloff, higher oil prices and concerns about French public finances weighed on sentiment. France’s CAC 40 led the declines, while the U.K.’s FTSE 100 held up best, supported in part by its heavy weighting in energy and resource stocks.
Europe — Thursday, Oct. 22 close| Index | Close | Change |
|---|
| STOXX Europe 600 | 637.74 | ▼ −1.05% |
| FTSE 100 (U.K.) | 10,725.03 | ▼ −0.26% |
| DAX (Germany) | 25,371.75 | ▼ −1.07% |
| CAC 40 (France) | 7,811.26 | ▼ −1.39% |
🌏 Asia: Tech Rout Hits Seoul, Hong Kong and Tokyo
Asian markets took a beating on Thursday as the technology selloff spread. Hong Kong’s Hang Seng dropped 3.91% on tech weakness, geopolitical tension and fresh regulatory scrutiny of Chinese internet names. South Korea’s Kospi fell 3.52% on chipmaker losses, and Japan’s Nikkei closed at its lowest level in nearly three months. Japan’s heavy reliance on Middle Eastern oil added to the unease.
Markets stabilized somewhat on Friday: Hong Kong and Shanghai rebounded, while Tokyo slipped a bit further and Seoul edged up.
Asia — Thursday, Oct. 22 close| Index | Close | Change |
|---|
| Nikkei 225 (Japan) | 62,907.84 | ▼ −2.65% |
| Hang Seng (Hong Kong) | 22,934.68 | ▼ −3.91% |
| Shanghai Composite | 3,658.03 | ▼ −1.48% |
| Kospi (South Korea) | 5,533.77 | ▼ −3.52% |
Asia — Friday, Oct. 23 (today’s close)| Index | Close | Change |
|---|
| Nikkei 225 | 62,693 | ▼ −0.34% |
| Hang Seng | 23,093.37 | ▲ +0.69% |
| Shanghai Composite | 3,690.48 | ▲ +0.89% |
| Kospi | 5,550.30 | ▲ +0.30% |
⛽ Oil, Gold and the Canadian Dollar
Oil: Brent settled up US$4.35 at US$113.17 and U.S. benchmark WTI rose US$2.32 to US$99.47. Fresh Houthi attacks in Saudi Arabia prompted Washington to order some diplomats and family members to leave its missions in the kingdom, and traders remain wary of attacks on ships near the Strait of Hormuz, a chokepoint for roughly a fifth of the world’s oil and liquefied natural gas. A larger-than-expected draw in U.S. crude inventories added to the move.
Gold and silver: Spot gold fell about 2.8% to roughly US$4,024 an ounce, its lowest in more than two months, and briefly dipped below US$4,000 in Friday’s Asian session for the first time since July. Silver slid more than 4%. Higher oil is stoking inflation fears, which supports bets on higher interest rates and makes non-yielding gold less attractive.
Loonie: The Canadian dollar traded around 71.3 U.S. cents (US$1 = about C$1.4025) on Thursday, its strongest level since Sept. 21, helped by higher crude and bets on a Bank of Canada hike.
Commodities, currency and bond yields| Market | Level | Change |
|---|
| Brent crude (settle) | US$113.17 | ▲ +4.0% |
| WTI crude (settle) | US$99.47 | ▲ +2.4% |
| Gold (spot, approx.) | US$4,024 | ▼ −2.8% |
| Silver (spot, approx.) | US$55.10 | ▼ −4.5% |
| Canadian dollar (midday) | ≈ 71.3¢ US (C$1.4025) | ▲ + strongest since Sept. 21 |
| Canada 5-year yield | ≈ 3.51% | ▼ −8 bps |
| Canada 10-year yield | ≈ 3.79% | ▼ −8 bps |
| U.S. 10-year Treasury yield | ≈ 5.04% | ▼ −11 bps |
Rates outlook: The Bank of Canada has held at 2.25% for seven straight meetings, and markets see a strong chance of a 25-basis-point hike on Oct. 28 after Governor Tiff Macklem signalled the bank will raise its inflation forecast on stubbornly high energy prices. In the U.S., the Fed’s policy rate sits at 3.75–4.00% after September’s hike, and futures put the odds of another hike in December near 90%.
💡 What It Means for You
- Variable-rate mortgages and HELOCs: markets were pricing roughly an 80% chance this week that the Bank of Canada lifts its rate 25 basis points to 2.50% on Oct. 28. If it does, banks usually raise prime right away, which means higher interest charges on floating-rate debt.
- Fixed-rate shoppers: the five-year Government of Canada bond yield, the benchmark lenders key off, slipped to about 3.5% as bonds rallied on Thursday. Lenders tend to adjust with a lag, so don’t assume quotes will follow.
- Gas and heating costs: Brent closed at its highest level since early May. Pump prices usually trail crude by days to weeks, so keep an eye on the price at your local station.
- Your investments: a 1% down day on the TSX is ordinary noise for a diversified, long-term TFSA or RRSP. The tech-and-gold-miner drop is a reminder to check how concentrated your holdings are, not a signal to trade.
- Cash savers: a BoC hike would nudge high-interest savings and GIC rates higher over time, though banks often move deposit rates more slowly than loan rates.
🔭 What to Watch Next
- Today (Fri., Oct. 23): Statistics Canada’s August retail sales at 8:30 a.m. ET (consensus about +1.1% after July’s −0.7%), plus preliminary U.S. business-activity (PMI) readings for October.
- Tue.–Wed., Oct. 27–28: The Bank of Canada decides at 9:45 a.m. ET Oct. 28, and the U.S. Federal Reserve follows at 2 p.m. ET. Futures lean toward a Fed hold in October and a hike in December.
- Big Tech earnings next week: Microsoft, Alphabet and Amazon are among the companies due to report, and investors will be looking for fresh signals on AI spending.
- Middle East headlines: tanker attacks near the Strait of Hormuz and Houthi strikes in Saudi Arabia are driving oil, and reports of possible U.S.-Israeli action against Iran after the Nov. 3 U.S. midterms are keeping traders on edge.
- France: worries over French public finances and a bond sell-off hit European stocks on Thursday and could keep weighing on the region.
Data note: Index levels are official closes for Thursday, Oct. 22, 2026, cross-checked across Reuters, The Canadian Press/BNN Bloomberg, Yahoo Finance and Investing.com. Spot gold, silver, currency and bond-yield figures are approximate and vary slightly by data provider. The loonie reading is a midday indicative level. Friday Asian figures reflect that day’s closes.
MoneySavings.ca provides general information for educational purposes only. It is not investment, tax or financial advice. Markets can move quickly; consult a licensed professional before making financial decisions.
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