Friday's tech rout ends a split October, and a packed week awaits

The rotation is energy and defensives versus AI capex, not a broad growth versus value shift. Oil is lifting inflation expectations, which is keeping central banks hawkish, with the BoC hiked and the Fed, ECB and BoJ held with hawkish dissents, and that makes debt funded AI spending look expensive, which is why gold fell with stocks on Friday instead of rallying as a haven.

In Canada, the same split showed up as tech and gold miners dragging the TSX down while energy held up.

United States: S&P 500 7,580.07, down 1.82 percent; Nasdaq 25,437.00, down 2.86 percent; Dow 51,770.31, down 1.09 percent; Russell 2000 2,811.84, down 1.66 percent. For the week: S&P down 0.57 percent, Nasdaq down 2.0 percent, Dow down 0.85 percent. For October: S&P down 0.93 percent, Nasdaq down 5.3 percent, Dow up 1.7 percent. VIX 19.42, up 12.9 percent.

Canada: S&P/TSX Composite 35,620.03, down 1.74 percent, the steepest daily fall since June 5. Tech down 3 percent, materials down 4.8 percent, financials down 1.6 percent. Still up 1.09 percent for October. Canadian GDP was essentially unchanged in August, a second straight flat month, with September's advance estimate at minus 0.1 percent.

Europe, Friday: DAX 25,818.21, down 0.85 percent; CAC 40 7,969.42, down 0.01 percent; FTSE 100 10,729.78, up 0.07 percent; Stoxx 600 646.75, down 0.41 percent. Europe still gained for the week, DAX up 2.5 percent, CAC up 2.4 percent, despite Friday.

Asia Pacific, Friday: Nikkei 225 63,290.11, down 2.12 percent; Hang Seng 23,294.42, up 1.46 percent; Shanghai 3,599.02, down 1.44 percent; KOSPI 5,730.74, down 3.48 percent; Nifty 50 23,053.10, up 0.51 percent; ASX 200 8,908.10, up 0.18 percent. Seoul triggered a sell sidecar as foreign selling hit chips. Hong Kong and India were the outliers to the upside.

US and Canada premarket: No live Sunday premarket quote is reported here. Markets are closed, and Monday's open will be the first real read on follow through.

Oil: WTI 104.12 dollars, up 2.08 percent, and December Brent 117.64 dollars, up 2.4 percent. That December contract expired Friday. The more active January Brent was 113.43 dollars. October: Brent up 13.6 percent, WTI up 15.2 percent, the highest settlements since late April. Driver: a limpet mine attack on a tanker in the Strait of Hormuz, the first successful strike there since the US Israeli war with Iran began in February, plus Houthi attacks claimed on Saudi refineries.

Gold about 3,889 to 3,899 dollars, down 3.3 to 3.5 percent Friday, lowest close in about a year, and silver about 49.28 dollars, down 5.9 percent, below 50 dollars for the first time since about November 2025, per week in review commodity data.

Copper about 14,290 dollars a tonne, weekly, up 0.1 percent, and natural gas about 2.90 dollars per million British thermal units, weekly, up 9.8 percent, per the same week in review. Note: intraday commodity snapshots conflicted on Brent by contract month, so the contract is stated above rather than a single Brent print.

USD/CAD about 1.397, the loonie at about 71.6 US cents, near a six week high, helped by the BoC hike and high oil. DXY about 101.6 to 101.9 on Friday reporting. The 114.30 print in one weekend dashboard conflicts with the Friday FX reporting and is omitted. US 10 year yield about 4.90 to 4.98 percent.

Now: Fed held 3.75 to 4.00 percent on October 28, 10 to 2, with Cook and Hammack dissenting for a hike. BoC hiked to 2.50 percent on October 28, first hike since July 2023. ECB held at 2.50 percent on October 29. BoJ held at 1.25 percent on October 30, 8 to 1, Takata dissenting for 1.50 percent.

This week: RBA decision Tuesday November 3 and Bank of England decision Thursday November 5. BoE Bank Rate is 3.75 percent going in, and markets have widely priced a hike. One earlier pricing note put it at about 81 to 89 percent, but the vote split and Monetary Policy Report will matter as much as the decision. Next Fed and BoC decisions are both December 9. Fed hike pricing for December was reported near 75 percent after the October hold.

Canada note: BoC's October Monetary Policy Report put inflation near 3 percent since April, expected about 3.5 percent by year end, with core near 2 percent. That is the tension behind the hike then flat GDP sequence.

Intel plunged about 28.6 percent Friday. Third quarter beat, but fourth quarter guidance of 15 to 16 billion dollars revenue, versus 17.1 billion dollars expected, and an Israel fab shutdown hit, dragging the SOX chip index down 7.2 percent. AMD fell 10.9 percent Friday ahead of its own Tuesday report. Nvidia down 4.2 percent, Broadcom down 5.5 percent.

Amazon missed its third quarter, revenue 201.94 billion dollars versus 202.31 billion dollars expected, EPS 1.89 dollars versus 1.96 dollars, kept 2026 capex at 220 billion dollars, and reported negative 42.4 billion dollars trailing free cash flow. That is the AI spending question in one print. Alphabet had already fallen about 12 percent Thursday on its miss.

Canada and energy: Suncor rose 2.31 percent Friday to 79.42 dollars ahead of its Tuesday report, while gold miners dragged the TSX. Shopify fell 5.63 percent Friday to 157.49 dollars ahead of its Tuesday report.

Week ahead earnings: Apple and Palantir Monday after close; AMD, Shopify and Suncor Tuesday; Qualcomm, Arm and Uber Wednesday; Cloudflare and Airbnb Thursday. Berkshire Hathaway also reports Monday.

VERIFIED: No new amended Anthropic S-1 was found this weekend. The October 26 filing, Nasdaq: ANT, price range and share count still blank, remains the operative document. Its compute minimums, at least about 114.5 billion dollars Google, 110 billion dollars Amazon, 44.9 billion dollars Microsoft, are still being parsed, and a reported mid November timing and 1.5 to 2 trillion dollar valuation is secondhand reporting, not filing terms.

VERIFIED: Cloudflare disclosure, October 26, surfaced in the October 25 to 31 roundup: 155 Workers AI responses from one model contained data from other customers' requests between August 27 and September 9, affecting only prompts over 681,280 tokens. Cloudflare says it fixed it. Google's Gemini 4 Carbon was also announced in that window as a cybersecurity focused model in staged rollout, not a general public release.

REPORTED, NOT CONFIRMED: Salesforce and Rune, reported October 31: Salesforce is reportedly preparing to acquire defence tech startup Rune Technologies for about 375 million dollars. Reported, not confirmed by either company in the sources found.