Morning Money — Wednesday, November 4, 2026
A new balance of power in Washington
Democrats won both chambers of Congress, setting up divided government for the remainder of Donald Trump’s term. Markets are weighing the prospect of fewer sweeping legislative changes. For Canadians, the key questions are what this means for cross-border trade, the dollar and borrowing costs—not an automatic end to tariff uncertainty.
Overnight nerves turn into gains
TSX futures were up 1.3% at 6:04 a.m. ET. By 8:11 a.m., Dow futures had gained 1.75% and S&P 500 futures 0.8%, while AI-related stocks lagged. These are premarket readings at different times; the cash markets have yet to open.
Gold and oil move in opposite directions
Reuters’ early Canadian market report showed gold up 2.9% and Brent crude down 1.3%. Lower oil can help fuel-sensitive businesses and households, while stronger bullion can support Canadian miners.
Suncor raises its payout
After reporting record quarterly adjusted funds from operations of C$6.7 billion, Suncor increased its quarterly dividend 10% to C$0.66 a share. It also lifted monthly share repurchases to C$750 million. The new dividend is payable December 24 to shareholders of record December 3.
Rates remain a live issue at home
Speaking Tuesday, Tiff Macklem reiterated that further interest-rate increases might be needed. He also said current federal fiscal policy is not making the Bank of Canada’s inflation fight harder. A market rally doesn’t mean household borrowing costs are about to fall.
Watch next
Today’s U.S. services data, followed by Friday’s Canadian employment report. These will help show whether the economy supports the market’s renewed optimism.
