| Index | Close | Week | Year to date |
|---|---|---|---|
| S&P/TSX Composite | 35,789.09 | 0.47% | 12.86% |
| Dow Jones Industrial Average | 51,285.73 | -0.94% | 6.70% |
| S&P 500 Index | 7,376.86 | -2.68% | 7.76% |
| Nasdaq Composite | 24,579.42 | -3.37% | 5.75% |
| 10-year Canadian Bond Yield | 3.65% | -0.13% | 0.23% |
| 10-year U.S. Treasury Yield | 4.86% | -0.08% | 0.68% |
| Canadian Dollar | US$0.7086 | -1.07% | -2.88% |
Prime Rate 4.70% |
|||
Weekly performance ended November 6, 2026.
Sources: Morningstar Direct, Bank of Canada and U.S. Department of the Treasury
Stock markets swung as tech stocks sold off
The major North American stock markets shifted direction several times last week, with technology shares contributing to some of the largest moves. Canada’s TSX gained 0.5% on Monday, supported by strength in materials and real estate shares. In the U.S., the Dow rose 0.4%, while the S&P 500 fell 0.5%. The tech-heavy Nasdaq also lost ground, dropping 1.1% after tech stocks came under pressure amid ongoing concerns about AI-related spending and valuations.
Stock markets were mixed Tuesday ahead of the U.S. midterm election results. The TSX fell 0.8%, weighed down by tech and materials shares. Shopify and Thomson Reuters declined after the release of their quarterly results, contributing to the weakness in the Canadian tech sector. In the U.S., the S&P 500 gained 0.4% and the Nasdaq rose 0.8%, helped by a rebound in large tech stocks including Nvidia and Microsoft. The Dow slipped 0.4%.
Markets rallied Wednesday following the elections. The TSX jumped 2.3%, led by materials and financial shares. In the U.S., the Dow surged 3.0%, while the S&P 500 gained 1.6% and the Nasdaq rose 1.4%. Economically sensitive sectors helped lead the advance, although several semiconductor and data-centre companies moved lower.
The rally reversed Thursday and losses spread across the U.S. market. The Nasdaq plunged 5.5%, putting the index in correction territory, generally defined as a decline of 10% or more from a recent high. The S&P 500 fell 4.4% and the Dow dropped 3.4%. All 11 S&P 500 sectors declined, reflecting weakness beyond tech. Canada’s TSX also fell 2.0%, weighed down by losses in the tech and financial sectors.
Technology stocks recovered some ground Friday, helping the Nasdaq gain 1.1% and the S&P 500 edge higher, while the Dow slipped 0.5%. Nvidia, Micron and other stocks hit hard during Thursday’s sell-off were among those that rebounded. The TSX also recovered 0.5%, led by technology and materials shares. For the week, the TSX gained 0.5%, while the Dow fell 0.9%, the S&P 500 lost 2.7% and the Nasdaq declined 3.4%.
U.S. elections reshaped expectations for key sectors
The U.S. midterm elections drew considerable attention from investors after the Democrats won control of both the Senate and House of Representatives. The results reduced uncertainty surrounding the balance of power in Washington and raised new questions about how a divided government could influence fiscal policy, regulation and other priorities.
One area of particular focus was AI infrastructure. Investors considered whether the election results could lead to greater restrictions on data-centre development, adding another layer of uncertainty for an industry already facing questions about the scale and pace of investment. Semiconductor and data-centre companies were particularly sensitive to the changing outlook.
Other policy-sensitive industries also reacted to the results. Defence companies faced questions about the outlook for government spending, while clean-energy companies benefited from expectations for continued federal support for renewable-energy development.
North American jobs data diverged as Canada released its federal budget
Employment reports released Friday pointed to contrasting labour-market conditions on both sides of the border. The U.S. economy added 165,000 jobs in October, well above expectations for a gain of 65,000. The unemployment rate also fell to 4.1% from 4.2%, further underscoring the resilience of the American labour market.
In Canada, the economy lost 4,700 jobs in October. This result contrasted with expectations for a gain of 13,600 jobs. At the same time, the unemployment rate rose to a six-month high of 6.7% from 6.5%. Full-time employment declined by 18,100 positions, and average hourly wage growth for permanent employees slowed to 2.0% year over year from 2.3% in September.
On Thursday, the Canadian government released its latest budget, which included $142.1 billion in new spending, tax incentives and other measures over five years. The budget projected a $62.3-billion deficit for the current fiscal year and included measures intended to encourage business investment, including a $36.1-billion productivity incentive. The budget comes as Canada contends with a softer labour market and continued trade uncertainty.
Volatility is part of investing
Last week showed how quickly markets can move when investors react to changing economic and policy expectations. While short-term swings can be unsettling, they are a normal part of investing. Keeping your long-term goals, risk tolerance and time horizon in focus can help you maintain perspective during periods of volatility. If you have questions, a Co-operators financial representative is always ready to help.
U.S. inflation data (November 10 and 13)
Price pressures will remain in focus next week as two closely watched reports are released. Tuesday’s Consumer Price Index (CPI) will provide the latest inflation reading, followed by Friday’s Producer Price Index (PPI), which will measure price changes at the wholesale level. The results could influence expectations for future U.S. Federal Reserve interest-rate decisions and offer clearer evidence on the direction of inflation.
More important dates
- November 26: U.S. markets closed for Thanksgiving Day
- December 9: Bank of Canada and U.S. Federal Reserve interest-rate announcements
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