Morning Money — Thursday, October 29, 2026

Borrowing costs turn higher

The Bank of Canada raised its policy rate by a quarter-point yesterday to 2.5%, warning that more increases may be needed. For Canadians, that puts renewed pressure on prime-linked mortgages and lines of credit as lenders adjust rates. The Bank now expects inflation to average 3% in 2027, with expensive energy feeding into other costs.

Before the bell

TSX futures were up 0.2% at 5:55 a.m. ET as oil retreated; spot gold slipped 0.9%. In early U.S. trading, Dow futures gained 0.3%, while S&P 500 futures fell 0.4% and Nasdaq-100 futures dropped 1.3%. These are premarket snapshots, not opening prices.

Two very different tech reactions

Microsoft rose roughly 3% premarket, while Alphabet fell about 10% after their results. Microsoft beat revenue and profit expectations; Alphabet’s sales disappointed. For Canadians holding broad U.S. equity ETFs, these heavyweight companies can move the whole fund.

Canadian earnings

Agnico Eagle exceeded quarterly profit expectations, while Alamos Gold missed. A reminder that even companies exposed to the same commodity can deliver different results.

Watch today

Amazon and Intel are on the earnings calendar. Investors will be looking for whether the next round of results supports the spending behind the AI boom.