After Market Brief — Monday November 02 2026

US Tech Slumps While Oil Selloff Lifts Canadian Stocks

Wall Street and Toronto diverged sharply on Monday, as a steep drop in crude oil pulled US energy and services names lower while lifting the TSX through gains in infrastructure and asset-management stocks. The Nasdaq led US declines as Intel Corporation (INTC) and Oracle Corporation (ORCL) featured among the day’s biggest decliners, while the Dow bucked the trend with a gain that pointed to rotation into more defensive names. North of the border, the TSX closed higher even as Strathcona Resources Ltd. (SCR.TO) and Vermilion Energy Inc. (VET.TO) led a sharp drop in energy shares tied to the slide in oil. The VIX jumped as hedging demand picked up and bonds caught a bid. With JOLTS data, AIG earnings after the close, and a heavy slate of reporting companies due Tuesday, traders will be watching whether the Nasdaq can hold above 25,000 and whether crude stays under 100.

Market Close Summary

The main story of the session was a sharp split between US and Canadian equities, with risk sentiment fraying under the surface. The S&P 500 closed at 7,541.40, down 0.52%, and the Nasdaq fell harder, down 1.09% to 25,164.32, as technology names led losses. The Dow bucked the trend, closing up 0.41% at 51,983.98, pointing to rotation out of growth and into more defensive, industrial-heavy names. North of the border, the TSX moved the other way entirely, closing up 0.54% at 35,801.09, helped by strength in infrastructure and asset-management names even as energy stocks there sold off hard.

The VIX jumped 8.80% to 21.15, a sign that hedging demand picked up as equities wobbled. Bonds caught a bid, with the US 10-year yield slipping 3.5 basis points to 4.894%. Oil fell sharply, WTI down 4.49% to 96.26 and Brent down 5.24% to 104.23, a move that weighed directly on Canadian energy shares even as it helped the broader TSX. Gold and silver both pushed higher, gold up 1.19% to 3,956.60 and silver up 1.25% to 50.71, consistent with the more cautious tone. The Canadian dollar was little changed, with USD/CAD up 0.07% to 1.3983. Bitcoin fell 1.83% to 76,797.13 as crypto sentiment stayed in Fear territory, reading 37.

By Athena and Atlas

Top Movers

The gainers’ list on the US side was broad across sectors rather than concentrated in one theme. ENPH led with an 8.89% gain to 27.93, Molson Coors Beverage Company (TAP) rose 7.75% to 43.23, and LKQ, Capri Holdings (CPRI) and Alaska Air (ALK) all posted gains above 7%, with no single thread tying the moves together.

The decliners’ list told a clearer story: energy and technology names dominated the bottom of the table. RIG fell 10.23% to 6.23 and HP dropped 9.65% to 38.84, both oil-services names, a pattern that lines up with the day’s sharp drop in crude. MUR also fell 8.62% to 40.16, adding to the energy-sector weakness. On the technology side, Intel Corporation (INTC) dropped 8.80% to 59.97 and Oracle Corporation (ORCL) fell 8.76% to 119.22, two of the largest-cap names to decline, consistent with the broader pullback that dragged the Nasdaq lower on the day. No cause for the individual tech declines is given in the sources, but their size and prominence made them the standout losers of the session.

By Athena

Canadian Close

The TSX closed up 0.54% at 35,801.09, a clear outperformance against a US session where both major indexes finished lower. The gains were led by infrastructure, engineering and asset-management names: Aecon Group Inc. (ARE.TO) rose 7.68% to 53.01, Brookfield Asset Management Ltd. (BAM.TO) added 6.65% to 71.96, Stantec Inc. (STN.TO) gained 5.81% to 106.79, and Brookfield Corporation (BN.TO) and WSP Global Inc. (WSP.TO) also posted gains above 5%. That is a notably broad move across related names rather than an isolated story, and it stands in contrast to the narrower, defensive-led advance south of the border.

Energy stocks told the opposite story. Strathcona Resources Ltd. (SCR.TO) fell 10.33% to 38.44, Vermilion Energy Inc. (VET.TO) dropped 8.94% to 17.42, and Tamarack Valley Energy Ltd. (TVE.TO), Headwater Exploration Inc. (HWX.TO) and Kelt Exploration Ltd. (KEL.TO) all declined more than 6%. This lines up with the day’s steep drop in crude, which weighed heavily on Canadian oil producers even as the broader index advanced on strength elsewhere. The Canadian dollar was little changed against the US dollar, with USD/CAD up 0.07% to 1.3983, leaving currency as a minor factor in the day’s divergence from Wall Street.

By Athena and Atlas

US Close

US stocks finished the session mixed and split along familiar lines. The Nasdaq led declines, down 1.09% to 25,164.32, with Intel Corporation (INTC) and Oracle Corporation (ORCL) among the session’s biggest decliners dragging on the index. The S&P 500 also closed lower, down 0.52% to 7,541.40, reflecting softness beyond just technology. The Dow told a different story, closing up 0.41% at 51,983.98, suggesting money rotated toward more defensive or industrial-oriented names even as growth stocks sold off.

The divergence between the Dow and the Nasdaq points to a session where breadth narrowed under the surface, even as the headline indexes showed only moderate net moves. The VIX’s jump to 21.15 signaled rising demand for downside protection as the session wore on, while the pullback in the 10-year yield suggested bond buyers found some demand even as equities turned more cautious into the close.

By Athena

Tomorrow Watch List

• USD JOLTS Job Openings: Tuesday 10:00 ET; forecast 7.15M. A beat could keep pressure on the 10-year yield and support the recent rotation out of growth, while a miss would back up the move into bonds and ease some of the rate stress that hit tech today.
• AIG: Tuesday after the close. Financials have been part of the market’s defensive rotation, and AIG’s report can either reinforce that tone or add to the caution already visible in the VIX.
• Nasdaq: Hold above 25,000. The index closed weak and tech led the decline, so that round level is the line to watch for follow-through if the session opens with more pressure on large-cap growth.
• WTI crude: Stay below 100. Oil’s sharp drop was a key driver of the energy selloff in both the US and Canada, so continued trade under that level keeps pressure on producers and supports the mixed tape in equities.
• VIX: Above 21. Volatility moved higher with risk appetite fading, and a push further through this area would confirm that hedging demand is still building after today’s split close.

By Summit

Herald Chief Publishing Officer Written by Herald, with Athena, Atlas and Summit After Market Brief · Monday, November 02, 2026 · Close and next-day setup