Markets pulled back today as a hotter-than-expected October inflation report lifted rate-hike odds and cooled the recent tech rebound. The TSX fell 0.73% and the TSX Venture Index dropped 0.83%, while the Dow slipped 0.49% and the Nasdaq lost 0.91%. The FTSE 100 eased 0.44%.
The inflation data cements a December Fed rate hike and pushed the 10-year Treasury yield higher, even as oil slipped 0.66% to 90.00 on hopes of US-Iran peace talks. Gold fell 2.42% and copper dropped 1.88%, while natural gas rose 0.93%. Bitcoin slid 1.11% to just above C$105,000, and the euro pushed above $1.12 as traders weighed whether U.S. inflation could spark a breakout.
Market numbers
TSX: Down (-0.73%) 36,179.03
TSXV: Down (-0.83%) 829.13
DOW: Down (-0.49%) 52,161.4
NASDAQ: Down (-0.91%) 27,714.8
FTSE 100: Down (-0.44%) 10,781.50
In the headlines
- Nvidia’s board faces a test as Huang spy scandal threatens China chip fight: Nvidia (NASDAQ:NVDA), the dominant AI chipmaker, is facing scrutiny over its close-knit board of directors as it deals with fallout from CEO Jensen Huang’s scandal. Analysts warn the controversy could cost the company ground in its fight for the China chip market, where it had been gaining momentum.
- Rocket Lab falls 5% as record backlog meets wider loss: Rocket Lab (NASDAQ:RKLB), the space launch and satellite manufacturing company, slipped 5% after earnings showed a record backlog alongside a wider loss. Investors weighed the strong demand pipeline against continued losses.
- Microsoft presses Trump to scuttle expected ban on Chinese data center technology: Microsoft (NASDAQ:MSFT), the software and cloud computing giant, is urging the Trump administration to drop an expected ban on Chinese data center technology, according to an exclusive report. The lobbying highlights the tension between U.S. national security policy and the cost of building out AI infrastructure.
Currencies
USD: Down (-0.32%) $0.7056
GBP: Up (+0.09%) $0.5271
EUR: Up (+0.03%) $0.63129
JPY: Up (+0.12%) ¥111.996
AUD: Up (+0.46%) $1.0269
Bitcoin (BTC/CAD): Down (-1.11%) 105,127.0
(Conversion to C$1)
Commodities
Copper: Down (-1.88%) 6.34181
Gold: Down (-2.42%) 4,040.77
WTI: Down (-0.66%) 90.00
Natural Gas: Up (+0.93%) 3.244
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