What are today's top business/market headlines?

As of today, Sunday, November 1, 2026, global business and financial markets are reflecting a tense weekend following a major Wall Street downturn, intensifying international trade negotiations, and shifting interest rate expectations ahead of the upcoming U.S. midterm elections on Tuesday, November 3.

1. Wall Street Hit by Worst Sell-Off Since June as AI Bubble Fears Deepen

A steep technology stock sell-off dragged major U.S. indices down heavily to close out the final trading session of October:

•The S&P 500 tumbled 1.8% on Friday, closing at 7,580.07 and marking its third consecutive losing week. The index is now roughly 3.1% below its all-time high set earlier in October.

•The Nasdaq Composite bore the brunt of the hit, plunging 2.9% to 25,437.00 as investors grew anxious that the massive capital expenditures poured into artificial intelligence (AI) infrastructure are not translating to quick, sustainable profits.

•The Dow Jones Industrial Average dropped 572 points (1.1%) to end at 51,770.31.

In addition to valuation worries, investor anxiety is peaking as the high-stakes U.S. midterm elections approach on Tuesday, which will determine control of Congress during the remainder of President Trump's second term.

2. Canada-U.S. Trade Deadlock: Carney Rejects "Subsidiary" Deal, Eyes EU Alliance

As U.S. tariffs bear down on Canadian exporters, Canadian Prime Minister Mark Carney has stated that Canada will not rush into a trade agreement with the Trump administration on terms that do not serve Canadian sovereignty.

•Negotiations stalled after the U.S. introduced terms restricting Canada's ability to sign other trade agreements. Trump has threatened 50% tariffs on Canadian steel, aluminum, and autos starting January 1, 2027.

•In response, Canada is actively diversifying. Carney announced a goal of attracting $1 trillion in foreign investment and pitched Canada joining the European Union as an "associate member".

•Additionally, Canada and the EU resolved a major trade friction over European carbon border tariffs, with the EU agreeing to recognize Canada's domestic carbon pricing.

3. Resilience in Economic Growth vs. Sticky Inflation

Despite the tech-led market retreat, the broader economy remains fundamentally robust:

•Strong GDP: Third-quarter real GDP grew at a robust 3.4% annual rate (up from 2.2% in Q2).

•Healthy Earnings: The blended revenue growth rate for the S&P 500 in Q3 is tracking at 13.4% year-over-year. Traditional giants like ExxonMobil (+2.2%), Chevron (+1.8%), Mondelez (+3.9%), and Colgate-Palmolive (+2.3%) all posted better-than-expected summer earnings, highlighting a rotation out of tech and into other sectors.

•Inflation Concerns: However, a hotter-than-expected September inflation report has increased fears that the Federal Reserve may hike interest rates again soon.

4. New Series I Bond Yields Announced: Rising to 5.51%

For retail investors seeking safety amidst equity market volatility, the U.S. Treasury announced the new composite rate for Series I savings bonds.

•Beginning today, November 1, 2026, newly issued I-bonds will yield 5.51%.

•This is a notable increase from the 4.26% rate offered during the previous six-month period, driven by a higher fixed-rate component of 1.40% (up from 0.90%).

5. Treasury Yields Move Lower on Safety Bid

With stocks sliding, the bond market saw a flight to safety. The yield on the 10-year U.S. Treasury fell to 4.93% (down from 4.98% late Thursday and over 5.30% earlier in October) as investors purchased government debt to shelter from equity volatility ahead of the election.

Citations (10)

1bnnbloomberg.caNews and mediaquality 0.62
bnnbloomberg.ca
Backs: “As of today, Sunday, November 1, 2026, global business and financial markets are reflecting a tense weekend following a major Wall Street downturn, intensifying international trade negotiations, and shifting interest rate expectations ahead of the upcoming U.S. midterm elections on Tuesday, November 3.”
2wikipedia.orgEncyclopedias and referencequality 0.83
wikipedia.org
Backs: “As of today, Sunday, November 1, 2026, global business and financial markets are reflecting a tense weekend following a major Wall Street downturn, intensifying international trade negotiations, and shifting interest rate expectations ahead of the upcoming U.S. midterm elections on Tuesday, November 3.”
3brinkeradvisor.comNot yet classified
brinkeradvisor.com
Backs: “The index is now roughly 3.1% below its all-time high set earlier in October.”
4bnnbloomberg.caNews and mediaquality 0.62
bnnbloomberg.ca
Backs: “The Nasdaq Composite bore the brunt of the hit, plunging 2.9% to 25,437.00 as investors grew anxious that the massive capital expenditures poured into artificial intelligence (AI) infrastructure are not translating to quick, sustainable profits.”
5indianexpress.comNews and mediaquality 0.76
indianexpress.com
Backs: “In addition to valuation worries, investor anxiety is peaking as the high-stakes U.S. midterm elections approach on Tuesday, which will determine control of Congress during the remainder of President Trump's second term.”
6thehub.caNot yet classified
thehub.ca
Backs: “As U.S. tariffs bear down on Canadian exporters, Canadian Prime Minister Mark Carney has stated that Canada will not rush into a trade agreement with the Trump administration on terms that do not serve Canadian sovereignty.”
7time.comNews and mediaquality 0.83
time.com
Backs: “Trump has threatened 50% tariffs on Canadian steel, aluminum, and autos starting January 1, 2027.”
8cp24.comNews and mediaquality 0.85
cp24.com
Backs: “In response, Canada is actively diversifying.”
9cbc.caNews and mediaquality 0.82
cbc.ca
Backs: “Additionally, Canada and the EU resolved a major trade friction over European carbon border tariffs, with the EU agreeing to recognize Canada's domestic carbon pricing.”
10factset.comData and tools
factset.com
Backs: “Healthy Earnings: The blended revenue growth rate for the S&P 500 in Q3 is tracking at 13.4% year-over-year.”