Weekly Market Snapshot: Stocks Rally Despite Nvidia Shock and 5% Treasury Yields (Nov 9–13, 2026)

Canadian Money Brief | Weekly Market Snapshot

Stocks Rally Despite Nvidia Shock and 5% Treasury Yields

Week of November 9–13, 2026 | Published Sunday, November 15, 2026

Wall Street had its best week since August, the TSX eked out a gain, and the Canadian dollar took a beating. Here is what moved markets from November 9 to 13, and what it could mean for your mortgage, your savings and your portfolio.

The week in four lines

• TSX: up 0.9% to 36,105.90, a smaller gain than the U.S. as gold and base metals sold off.
• Wall Street: S&P 500 up 2.5% and Nasdaq up 2.3%, despite a hot inflation print and Nvidia’s CEO resigning.
• Bonds and the loonie: the U.S. 10-year yield hit about 5.15%, and the Canadian dollar slid to about 70.1¢ US.
• Commodities: oil fell for a second straight week, while gold dropped 4.6% to below US$4,000.

Canada: TSX Edges Higher, Loonie Slides

The S&P/TSX Composite finished Friday at 36,105.90, down 31.29 points on the day but up about 317 points, or 0.9%, from the previous Friday’s 35,789.09. It jumped 1.8% on Monday as AI stocks rebounded, then gave ground as bond yields climbed. Thursday was the roughest session: the index fell about 0.8% as gold slid roughly 3% and mining stocks followed. Friday’s dip came from technology and base metals, while utilities, telecoms and real estate rose and energy stayed firm.

Canadian index	Friday close	Friday	Week
S&P/TSX Composite	36,105.90	−0.09%	+0.9%
TSX Venture	798.46	−0.5%	−2.9%

Among individual stocks, Cargojet jumped more than 10% on record revenue, while Aya Gold & Silver fell nearly 7% even after strong quarterly results. The TSX still sits roughly 2.6% below its 52-week high of 37,069.

The Bank of Canada Question

The loonie finished the week at about 70.14¢ US (C$1.4257 per US$1), down roughly 0.9% on the week. It touched C$1.4331 on Thursday, its weakest level in about 19 months, as the gap between U.S. and Canadian yields widened. Canada’s 10-year government bond yield rose about 20 basis points on the week to roughly 3.85%.

Markets now see a 66% chance that the Bank of Canada raises its policy rate again on December 9, up from about 40% at the start of the week. That follows October’s hike to 2.50% and a third straight month of job losses in Canada’s economy. Monday’s October CPI report is the next big test, with economists expecting annual inflation of about 3.2%, up from 3.1% in September.

Canada indicator	Latest	Change on the week
Canadian dollar (US cents)	70.14¢	−0.9%
Canada 10-year yield	≈3.85%	≈+20 bps
BoC Dec. 9 hike odds	66%	from ≈40%

United States: Inflation Scare, Nvidia Shock, Rally Anyway

U.S. stocks climbed all week even though the news flow was ugly. October consumer prices rose 0.4% from September, a tenth above forecasts, and no annual rate was published because of a data gap from last year’s government shutdown. Friday’s producer price report showed wholesale prices up 0.3% on the month and 6.5% over the past year, the fastest pace since late 2022.

Several Federal Reserve officials signalled more tightening, and traders now put the odds of a quarter-point Fed hike on December 9 near 90%, with the rest on a half-point move. The two-year Treasury yield jumped from 4.51% to 4.88%, and the 10-year closed the week around 5.15%.

Then came Nvidia. CEO Jensen Huang resigned on Thursday, effective immediately, with CFO Colette Kress named interim CEO. The stock lost about 13% on the week, wiping out well over US$500 billion in market value. Rivals and AI infrastructure names caught a bid instead: CoreWeave surged about 24% on Wednesday after a strong earnings report. By Friday, tech slid again (the sector fell about 2%) while consumer staples gained 1.4%.

U.S. index	Friday close	Friday	Week
S&P 500	7,561.67	−0.4%	+2.5%
Dow Jones Industrial Average	52,347.55	+0.1%	+2.1%
Nasdaq Composite	25,136.27	−0.9%	+2.3%
Russell 2000	2,790.49	—	+1.3%

The S&P 500 is up 10.5% so far in 2026. Its weekly gain was the biggest since August, and the Nasdaq’s was its first in five weeks.

Europe and Asia: Europe Climbs, Hong Kong Struggles

European stocks had their strongest week since late June. The pan-European STOXX 600 gained about 2.4%, and Germany’s DAX rose roughly 3.6% after setting record highs midweek. Friday was quiet: the DAX slipped 0.06% while London’s FTSE 100 rose 0.36%.

European index	Friday close	Week
STOXX Europe 600	664.14	+2.4%
Germany DAX	26,756.70	+3.6%
France CAC 40	8,368.91	+2.8%
UK FTSE 100	10,902.56	+2.1%

In Asia, Japan’s Nikkei 225 rebounded about 6.5% after the previous week’s drop of more than 9%, its worst since March 2020. The yen, however, is close to 160 per US dollar, a level that has previously triggered government intervention. Hong Kong went the other way: the Hang Seng fell 1.55% on Friday, its third straight loss, and lost about 844 points on the week as the Hang Seng Tech index sank 3% on AI worries.

Asian index	Friday close	Friday	Week
Japan Nikkei 225	61,142.35	+0.53%	+6.5%
Hong Kong Hang Seng	23,637.60	−1.55%	−3.4%
Shanghai Composite	3,634.35	−0.59%	—

Oil, Gold, Currencies and Yields

Oil fell for a second straight week as the International Energy Agency projected a fourth-quarter supply surplus, the first since the Middle East conflict began. West Texas Intermediate settled at US$88.56 and Brent at US$95.84, both down about 2.5%. That follows the previous week’s drop of roughly 13% to 16%.

Gold got hit hardest. Rising yields and a stronger U.S. dollar sent December gold futures to about US$3,888, a weekly loss of roughly 4.6%, and silver dropped about 6.3%. The U.S. dollar index gained 1.0% to 103.38, a 19-month high. Bitcoin also slipped below US$70,000 for the first time since August.

Market	Friday level	Week
WTI crude (US$/barrel)	88.56	−2.5%
Brent crude (US$/barrel)	95.84	−2.5%
Gold, Dec. futures (US$/oz)	≈3,888	−4.6%
Silver, Dec. futures (US$/oz)	≈48.65	−6.3%
U.S. dollar index	103.38	+1.0%
U.S. 10-year yield	≈5.15%	+29 bps
U.S. 2-year yield	≈4.88%	+37 bps
Canada 10-year yield	≈3.85%	≈+20 bps

What It Means for You

• Mortgages: Higher government bond yields usually push fixed mortgage rates up, and variable-rate holders could see prime move if the Bank of Canada hikes on December 9. If your renewal is coming, it is worth checking quotes now.
• U.S. spending and travel: At about 70¢ US, every US$100 you spend costs roughly C$143. That adds up on U.S. online orders, Black Friday cross-border shopping and winter trips.
• Your portfolio: This week showed how fast AI-heavy markets can swing, and how a 4.6% gold drop can sting if you hold bullion funds or gold miners in your TFSA or RRSP. A mix of sectors and regions softens that kind of week.

What to Watch: November 16–20

Date	Event
Mon, Nov. 16	Canada October CPI (8:30 a.m. ET), economists expect about 3.2% annual; Fed Chair Kevin Warsh speaks
Tue, Nov. 17	U.S. retail sales; Home Depot and Disney report; Nvidia earnings after the close, its first since Huang’s exit; Canadian housing starts and existing home sales
Wed, Nov. 18	FOMC minutes (2 p.m. ET); Trump–Xi meeting at APEC (Nov. 18–19); Anthropic IPO expected to price
Thu, Nov. 19	Walmart earnings before the open; Anthropic expected to debut on the Nasdaq
Fri, Nov. 20	Canada retail sales for September (8:30 a.m. ET)
Dec. 9	Bank of Canada and Federal Reserve rate decisions

Loblaw also reports on the TSX this week, which is worth a look for a read on grocery prices.

Index closes are final figures for Friday, November 13, 2026, with weekly changes measured from the November 6 close. Compiled from AP, Reuters, Bloomberg, Yahoo Finance, Investing.com and TD Economics. Gold and silver are December futures. “bps” means basis points (100 bps = 1 percentage point). This article is for information only and is not financial advice. Consider speaking with a licensed advisor before making investment decisions.