Morning Money — Friday Weekly Recap, October 23, 2026
Oil and borrowing costs set the tone
The week is ending with oil at its highest since May as Middle East tensions intensify. For Canadians, that creates a familiar squeeze: stronger prices can support energy producers, while adding pressure to fuel bills, business costs and inflation. Next Wednesday’s Bank of Canada decision now takes centre stage.
The week’s market story: AI gets a reality check
Investors questioned the cost of funding the AI boom. Thursday’s Nasdaq dropped 2.60%, the S&P 500 lost 1.21%, and the Dow edged up 0.02%. Meta fell 7% and Tesla 3.1% after their results. Earnings still rewarded other businesses: Procter & Gamble climbed 5.6%, while Spotify jumped 11.1%. The takeaway for Canadian portfolios holding U.S. stocks: a strong earnings headline doesn’t guarantee a rising share price.
Friday’s early snapshot
TSX futures were down 0.28% at 6:11 a.m. ET. At 7:19 a.m., U.S. futures pointed lower too: Dow −0.59%, S&P 500 −0.25%, Nasdaq 100 −0.12%. These are premarket snapshots, not closing results. Through Thursday, the S&P and Dow remained positive for the week, while Nasdaq was heading for a weekly loss.
Next week: rates and Big Tech
On Wednesday, October 28, the Bank of Canada announces its rate decision and releases new economic projections. Watch the outlook for inflation and growth as closely as the rate itself. Microsoft, Alphabet and Amazon also report next week, putting AI spending and its eventual payoff back under the microscope.
Weekend Listen
Looking for something to listen to this weekend? Join me for my conversation with Matan Hazanov about venture capital—investing in young businesses with growth potential in exchange for an ownership stake.
Listen here: https://www.podbean.com/eas/pb-4trw7-1b8f6e9
