US stock indices closed sharply lower on Friday amid a major selloff in technology shares. The S&P 500 fell 1.8%, the Nasdaq tumbled 3.5%, and the Dow lost 572 points following disappointing tech earnings. Intel plunged 28.6% after issuing weaker-than-expected guidance. Amazon fell 1.4% after Q3 results missed expectations and it announced higher capital spending. Signs of a slowdown in AI-related business growth have sharpened scrutiny of the durability of AI demand and whether the huge sums being invested in the technology will generate sufficient returns. Among chipmakers, Nvidia fell 4.2%, AMD slumped 11%, Broadcom shed 5.5%, and Micron lost 5.3%. Among hyperscalers, Alphabet extended losses by 1.4% after a slump of 12.6%. Elsewhere, ExxonMobil gained 2.2% and Chevron advanced 1.7% as both topped Q3 forecasts. For the week, the S&P 500 fell 0.9%, the Nasdaq shed 2.4%, and the Dow lost 1.2%. For the month, the S&P 500 declined 0.9%, the Nasdaq lost 6.6%, while the Dow added 1.7%.

Next week, investors will closely monitor the US midterm elections, with polls suggesting Republicans could lose their majority in the House and potentially control of the Senate, complicating President Trump’s efforts to advance his agenda. Geopolitical developments in the Middle East and Ukraine will also remain in focus. On the corporate front, earnings season continues, with Apple, Palantir, AMD, McDonald’s, Qualcomm and Uber among the major companies scheduled to report. The OPEC meeting will also be closely watched for signals on oil production and supply. On the economic data front, the US monthly jobs report will take center stage, alongside ISM PMIs, JOLTS job openings, factory orders, trade data and the preliminary University of Michigan consumer sentiment survey. Elsewhere, investors will assess PMI releases from China, Eurozone inflation data, and monetary policy decisions from the BoE, the RBA, and the central banks of Sweden, Norway, Brazil and Mexico.

Germany’s annual inflation rate eased to 2.8% in October 2026, down from a near three-year high of 3.3% in September and below market expectations of 3.0%, according to preliminary estimates. The decline came in the first month of a temporary fuel tax cut, introduced at the start of October and set to remain in place until year-end, which has contributed to a modest reduction in fuel prices. Price growth also slowed for energy (12.2% vs. 14.9% in September) and services (2.5% vs. 2.7%), while food inflation remained unchanged at 0.4%. Core inflation, which excludes energy and unprocessed food, moderated to 2.1% from 2.4%. Meanwhile, the EU-harmonized inflation rate fell more than expected to 2.8%, although it remained above the European Central Bank’s 2% target.

The Canadian economy is estimated to have contracted by 0.1% month-on-month in September 2026, as declines in manufacturing, mining, quarrying, and oil and gas extraction were partially offset by gains in utilities and wholesale trade. Based on preliminary September data, GDP is expected to have expanded by 0.3% in Q3 2026, following growth of 0.8% in Q2. In August, however, economic activity stalled for a second consecutive month. The services-producing industries aggregate edged down by 0.1% in August, as declines in wholesale trade and public administration were partly offset by gains in retail trade. Meanwhile, the goods-producing industries aggregate edged up by 0.1%, with growth in manufacturing and construction more than offsetting a decline in utilities.

Compensation costs for civilian workers in the United States increased by 0.8% in the third quarter of 2026, after a 0.9% rise in the previous period, in line with market expectations. Wages and salaries increased 0.7% (vs 0.9% in Q2) and benefits rose at a faster pace of 0.9% (vs 1%). Compensation costs for private industry workers grew 0.8%, following a 0.9% rise in Q2, and for state and local government workers grew 0.6%, compared with 1% in Q2. On an annual basis, employment cost growth remained unchanged from the last period at 3.4%.

Crude oil climbed toward $104 a barrel on Friday, the highest since a four-month high of $105.83 hit on September 15, as escalating geopolitical tensions raised concerns about potential supply disruptions. The rally followed reports that a senior US military commander had briefed President Donald Trump on options for renewed strikes against Iran, while Trump has repeatedly threatened further military action. Tehran, meanwhile, signalled that it would not soften its position on ending the conflict, despite confirming receipt of a letter from US Vice President JD Vance aimed at reviving peace negotiations. Tensions around the Strait of Hormuz also intensified after two separate tanker incidents. Elsewhere, Ukrainian forces reportedly struck a Russian refinery in the Samara region, while Moscow launched another overnight attack against Ukraine. The developments have reinforced concerns over global oil supply security, with Crude oil gaining 15% in October.