Morning Money — Tuesday, November 3, 2026

Shopify grows, but investors want more

The Canadian commerce company reported quarterly revenue of US$3.74 billion, up 32%, and a 22% free-cash-flow margin. Yet its U.S.-listed shares were down about 16% at 8 a.m. ET. For Canadians holding technology funds or broad Canadian equity portfolios, it’s a reminder that strong business growth doesn’t always translate into a rising share price.

Before the bell

At 7:58 a.m. ET, Dow futures were down roughly 0.7%, S&P 500 futures slipped 0.1% and Nasdaq-100 futures gained 0.4%. Earlier, TSX futures were down 0.4% at 5:41 a.m. ET. These are snapshots taken at different times, not closing results.

Oil’s relief rally reverses course

Crude prices edged higher as hopes for a Middle East agreement faded. That follows Monday’s 7.4% plunge in U.S. crude to US$96.46 a barrel. Sustained lower oil would help Canadian fuel and transportation costs; renewed supply disruptions could undo that relief. The TSX gained 0.5% Monday to 35,801.09.

Earnings check

Fortis reported adjusted quarterly earnings of C$0.92 a share, versus C$0.87 a year earlier, and announced a 4% fourth-quarter dividend increase. Topaz Energy beat adjusted-profit expectations, while Toromont exceeded revenue estimates.

Watch today

Bank of Canada Governor Tiff Macklem’s appearance before the Commons finance committee, Suncor’s results after the close, and tonight’s U.S. midterm election results. For Canadian businesses, the policy implications for trade and spending matter more than the vote-count headlines.