AI risk warnings from Altman, Amodei and Musk pressured tech stocks, while oil surged past $108 on new Hormuz tensions.
AI risk warnings from Altman, Amodei and Musk pressured tech stocks, while oil surged past $108 on new Hormuz tensions.

Markets were mixed today as fresh warnings about AI’s risks weighed on tech sentiment even as the TSX and FTSE pushed higher on resource strength. The TSX gained 0.54% and the FTSE 100 rose 0.47%, while the TSX Venture Index dipped 0.32%. In the U.S., the Dow slipped 0.19% and the Nasdaq fell 0.49% as AI-linked names came under pressure.

Oil surged past $108 after a new Strait of Hormuz ship attack and a Saudi pipeline shutdown reignited supply fears, keeping inflation concerns front and center after StatCan data showed Canadian inflation holding at 3% in August. Gold fell 1.81% and copper dropped 2.73%, while Bitcoin bucked the risk-off tone to climb 1.96% to above C$108,000. Traders are also bracing for a widely expected rate hike this week as bond markets price in the odds near certainty.

Market numbers

TSX: Up (+0.54%) 35,697.49

TSXV: Down (-0.32%) 927.86

DOW: Down (-0.19%) 52,456.5

NASDAQ: Down (-0.49%) 28,908.1

FTSE 100: Up (+0.47%) 10,712.75

In the headlines

  • AI leaders sound the alarm as risks mount: OpenAI CEO Sam Altman ruled out a 2026 IPO for OpenAI, the artificial intelligence research company behind ChatGPT, citing mounting risks, with Anthropic CEO Dario Amodei and Elon Musk echoing similar concerns. Microsoft (NASDAQ:MSFT), the technology giant, has drafted a code of conduct aimed at keeping its AI systems under human control, while U.S. President Trump pushed back, arguing “very negative forces” are exaggerating the concerns. The dueling warnings and pushback are threatening to unsettle the AI trade that has driven much of this year’s tech rally.
  • Tesla teases new Roadster ahead of stock-revival hopes: Tesla (NASDAQ:TSLA), the electric vehicle and clean energy company, announced it will unveil a new Roadster on October 1, with investors watching closely to see if the reveal can help turn around the stock’s recent slide. The announcement comes as Tesla looks for fresh catalysts to reignite investor enthusiasm.

Currencies

USD: Down (-0.39%) $0.7177

GBP: Up (+0.02%) $0.5326

EUR: Up (+0.18%) $0.62264

JPY: Up (+0.47%) ¥111.206

AUD: Up (+0.44%) $1.0094

Bitcoin (BTC/CAD): Up (+1.96%) 108,651.7

(Conversion to C$1)

Commodities

Copper: Down (-2.73%) 6.39462

Gold: Down (-1.81%) 4,270.00

WTI: Up (+3.03%) 102.00

Natural Gas: Down (-0.93%) 2.861

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