Canadian Money Brief • Daily Markets Update • Wednesday, October 14, 2026
Canada's main stock index climbed for a third straight session on Tuesday as an energy rally carried the market back from the long weekend, while Wall Street barely moved and a violent chip selloff rattled Asia. Today's U.S. inflation report is the next big test.
S&P/TSX 35,983.98 ▲ 0.90% | S&P 500 7,805.45 ▼ 0.02% | WTI CRUDE US$94.14 ▲ 0.4% | LOONIE 70.31¢ US ▲ from 70.07¢ |
🇨🇦 Canada: TSX Rises for a Third Straight Day
The S&P/TSX Composite Index closed Tuesday at 35,983.98, up 319.36 points (+0.90%) in its first session since the Thanksgiving holiday. It's the third straight gain after Friday's 1.5% jump, which was the index's biggest one-day percentage gain in 25 sessions and came after weaker jobs data eased worries about a Bank of Canada rate hike. The benchmark remains about 2.9% below its August record of 37,069.11.
| Canadian Market | Close | Change |
|---|
| S&P/TSX Composite | 35,983.98 | +319.36 (+0.90%) |
| S&P/TSX 60 | 2,125.94 | +1.28% |
What drove it:
- Energy led the way. The energy sector jumped roughly 3.9%. Canadian Natural Resources gained about 4.7% and Suncor about 3.8%, and oilfield services firm Enerflex surged 14% to a record high.
- Banks participated. Royal Bank rose about 1.2%, TD about 2.2% and BMO about 1.3% as U.S. bank earnings season got under way.
- Aritzia soared. The retailer jumped about 20% after beating second-quarter revenue and profit expectations. Shopify added roughly 3%.
- Laggards: Base metals slid about 2.6% and health care fell about 1.4%. Decliners outnumbered advancers 554 to 426, so the gain was concentrated in a handful of sectors.
🇺🇸 United States: Flat Indexes, Big Moves Underneath
Wall Street ended essentially unchanged and just shy of record territory as the first big batch of third-quarter bank earnings produced mixed reactions and chip stocks sold off. The S&P 500 closed about 0.5% below the record it set last week.
| U.S. Index | Close | Change |
|---|
| Dow Jones Industrial Average | 51,670.10 | −180.45 (−0.35%) |
| S&P 500 | 7,805.45 | −1.79 (−0.02%) |
| Nasdaq Composite | 27,204.38 | −41.52 (−0.15%) |
| Russell 2000 | 2,783.37 | −11.11 (−0.40%) |
- Banks: JPMorgan's third-quarter earnings and revenue missed forecasts, though the bank raised its 2026 net interest income guidance. Goldman Sachs and others flipped between gains and losses after reporting.
- Chips: Memory-chip stocks fell after a steep overnight decline in South Korea and news that China's CXMT advanced a new memory architecture. Micron was weak, while Nvidia and Broadcom gained.
- Energy and utilities led S&P 500 sectors; health care and technology lagged.
- Year to date: the S&P 500 is up about 14%, the Nasdaq about 17%, the Dow about 7.5% and the Russell 2000 about 12%.
🇪🇺 Europe: Quiet Tuesday, Firmer Start Wednesday
| European Index | Tue Close | Tue Change | Wed Early |
|---|
| FTSE 100 (UK) | 10,650.33 | −0.06% | +0.3% |
| DAX (Germany) | 25,259.90 | −0.07% | +0.4% to +0.7% |
| CAC 40 (France) | 7,827.63 | −0.07% | +0.65% |
European markets ended Tuesday little changed as concerns about AI spending hit chip names; Germany's Infineon fell more than 4% on worries about new Chinese competition. Wednesday opened higher, helped by gains in European tech after results from Dutch chip-equipment maker ASML, though ASML's comments on capacity limits kept sentiment cautious. Early Wednesday readings are intraday and will move.
🌏 Asia-Pacific: Korea's Worst Day in 21 Months
The global AI and semiconductor selloff hit Asia hardest on Tuesday. South Korea's Kospi plunged 5.46% to 6,035.35 (down as much as 7% during the day) as Samsung Electronics and SK Hynix fell roughly 7% and 10%, its worst session in 21 months. The MSCI Asia Pacific Index lost 1.6%, its weakest close since August.
| Asian Index | Tue Close | Tue Change | Wed Move |
|---|
| Kospi (South Korea) | 6,035.35 | −5.46% | Futures pointed higher |
| Nikkei 225 (Japan) | 67,777.52 | −1.82% | −0.05% (67,744.29) |
| Hang Seng (Hong Kong) | 24,345.22 | +0.30% | −0.13% (24,314.17) |
| Shanghai Composite | — | — | −0.9% (3,767.23) |
| S&P/ASX 200 (Australia) | 8,783.90 | Flat | About −0.9% |
Analysts flagged Tuesday's Kospi move as a possible capitulation event, but the bounce in Asia on Wednesday was muted as investors waited on U.S. inflation data.
🛢️ Oil, Gold, the Loonie and Bond Yields
| Market | Level | Move |
|---|
| WTI crude (Nov contract) | US$94.14 | +40¢ |
| Brent crude | About US$105.9 | About −0.7% |
| Gold (Dec futures) | US$4,177.30 | −US$13.30 |
| Canadian dollar | 70.31¢ US (about 1.422 USD/CAD) | from 70.07¢ Friday |
| U.S. 10-year Treasury yield | About 5.2% | Eased slightly |
| Canada 10-year yield | About 3.9% | Little changed |
- Oil: Crude stalled after a three-session rally. Persistent supply risks tied to Houthi attacks on Saudi Arabia were offset by expectations of extra Russian diesel after the U.S. partly waived sanctions on Russian diesel through April 2027. OPEC lowered its 2026 demand outlook for a sixth straight time while raising its 2027 forecast. Crude was edging higher again early Wednesday.
- Gold: The metal slipped again and was near US$4,140 early Wednesday. It remains well below its January record, pressured by high yields and a firm U.S. dollar.
- Loonie: The Canadian dollar edged up as the U.S. dollar retreated from an 18-month high, but it is still hovering near 70 cents.
💡 What It Means for You
- Pump prices stay under pressure. With WTI in the mid-US$90s and Brent above US$105, there is little relief coming for gasoline and diesel. Energy stocks powered the TSX on Tuesday, but base metals fell, a reminder of how much a Canadian index fund leans on a few sectors.
- A 70-cent loonie is costly south of the border. At 70.31 cents, US$100 costs about C$142. That affects U.S. shopping, travel, U.S.-dollar subscriptions and anything priced in greenbacks.
- Mortgage rates are tied to the bond market. With long-term yields elevated on both sides of the border, fixed-rate pricing is unlikely to ease soon. The next signals are Canada's September CPI on Monday and the Bank of Canada decision on October 28. If you renew or have a variable-rate mortgage or HELOC, those are the dates to mark.
- Tech and chip volatility is real. If your TFSA or RRSP holds U.S. tech, semiconductor or Asia-focused ETFs, Tuesday's Kospi plunge and chip selloff show how fast sentiment can swing even when headline indexes look calm.
📅 What to Watch
| When | What |
|---|
| Today (Wed Oct 14) | U.S. September CPI, 8:30 a.m. ET. Economists expect headline inflation to reach about 3.6% to 3.7% year over year (from 3.4% in August), with a monthly gain near 0.6% on energy costs. Core is forecast at +0.2% on the month and about 2.5% year over year. Also today: Bank of America, Morgan Stanley and BlackRock earnings, ASML results, the Fed's Beige Book and remarks from Fed Governor Bowman. |
| Thu Oct 15 | U.S. producer prices and retail sales, plus TSMC and PNC earnings. |
| Mon Oct 19 | Canada's September CPI, 8:30 a.m. ET. August inflation was 3.0%; UBS is forecasting 3.3%. A hotter print would strengthen the case for a Bank of Canada hike. |
| Wed Oct 28 | Bank of Canada and U.S. Federal Reserve both decide. The BoC (policy rate 2.25%, with a Monetary Policy Report) announces at 9:45 a.m. ET. After last Friday's soft jobs data, markets see a hold as more likely, though some forecasters still expect a hike by December. The Fed raised rates to 3.75%–4.00% on September 16. |
Figures reflect Tuesday, October 13 closing data unless marked "Wed" or "early Wednesday," and were compiled from The Canadian Press, Associated Press, CNBC, Yahoo Finance, Investing.com, Trading Economics and Saxo. Early-session readings and rate-hike odds change quickly. This article is for general information only and is not investment, tax or financial advice. Speak with a licensed professional before making financial decisions.
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