Why the S&P 500 is trending in Canada

Published November 2, 2026 at 1:16 p.m. · 10 sources · 10000+ searches today

As of November 2, 2026, the S&P 500 is trending because U.S. stocks bounced back after a steep tech- and AI-led drop last week. Investors are also watching oil prices, which fell sharply, and a packed week of earnings, elections and jobs data that could move markets again.

Key facts

Nov. 2, 2026: S&P 500 was up about 0.5%-1% in early trading
Friday close: S&P 500 fell 1.8% to 7,580.07
Late morning: S&P 500 up 47.66 points to 7,627.73
Brent crude fell as much as 7.4% to about US$105.03
Canada's TSX was up 320.45 points to 35,940.48 in late morning

What happened today

As of November 2, 2026, U.S. stocks rebounded after last week’s sell-off, with the S&P 500 up roughly 0.5% to 1% during Monday’s session. By late morning, the index had gained 47.66 points to 7,627.73.

The move came after the S&P 500’s third straight weekly decline. On Friday, it fell 1.8%, or 140.32 points, to close at 7,580.07.

Why it matters in Canada

Canadian investors are following the S&P 500 because U.S. market moves often affect Canadian portfolios, retirement accounts and company valuations. The current rebound is especially relevant after a technology- and AI-led pullback.

Canada’s own market also moved higher. The S&P/TSX composite was up 320.45 points at 35,940.48 in late-morning trading, supported by base-metal and industrial shares.

Oil and geopolitics

Oil prices dropped sharply, which helped ease fears that higher energy costs could add pressure to consumers, companies and markets. Brent crude fell as much as 7.4% to about US$105.03 a barrel, while U.S. crude traded below US$100.

The oil move was linked to renewed diplomatic efforts involving the United States and Iran, and uncertainty over whether the conflict would disrupt global energy supplies. That matters in Canada because energy prices can influence the broader market and the outlook for Canadian-linked stocks.

What to watch next

Investors are positioning ahead of a busy week of corporate earnings, U.S. midterm elections and a key jobs report. Those events can affect interest-rate expectations, technology valuations and North American markets.

One Canadian report said the TSX opened up 424.25 points, or 0.8%, to 52,188.81, but the figures conflict with the late-morning reading. The exact opening level is uncertain, so the clearer signal is that Canadian shares were higher alongside U.S. markets.

Frequently asked

Why is the S&P 500 trending today in Canada?

As of November 2, 2026, it is trending because U.S. stocks rebounded after a sharp tech- and AI-led sell-off last week. Canadian readers are also watching because the TSX moved higher and oil prices fell sharply.

How much did the S&P 500 move on November 2, 2026?

By late morning, the S&P 500 was up 47.66 points to 7,627.73. Earlier in the session it was up roughly 0.5% to 1%.

What happened to the S&P 500 last week?

The index posted its third consecutive weekly decline. On Friday it fell 1.8%, or 140.32 points, to close at 7,580.07.

Why are oil prices part of this story?

Brent crude fell as much as 7.4% to about US$105.03 a barrel, which helped calm some market concerns about energy costs. The drop was linked to renewed U.S.-Iran diplomatic efforts and uncertainty about supply disruption.

Sources

Researched automatically from live news and written by Simpledot's AI; facts are limited to what the sources above report as of the published time. Spot an error? Tell us.