Sample edition · not sent

Oil tops $103, the Dow sheds 650: your Monday setup

Monday, October 26, 2026 · 7am MT · covers the Fri Oct 23, 2026 session

This is a sample edition prepared to show the format. It has not been sent. Figures are as reported by the cited sources at the time of writing and are not updated. Not financial advice.

Good morning. Tech steadied on Friday, but oil jumped and the rest of the market paid for it. The Dow dropped 652 points, and energy was the only TSX sector that finished higher. Today, Verizon reports before the open. Here's Friday's session and what it sets up for Monday.

📊 Markets snapshot (Friday, Oct 23 close)

Bitcoin trades 24/7; this is Yahoo Finance's daily close for Fri Oct 23 (UTC). [1] [2] [3] [4] [5] [6]

🔥 Top stories

1. Oil rips, the Dow drops. WTI jumped 3.8% to $103.27. Brent settled at $116.72, its highest since April, after Houthi attacks in Saudi Arabia and reports that the U.S. and Israel may plan renewed strikes on Iran. [1] [3] ExxonMobil, Chevron and ConocoPhillips all traded at record highs. On the TSX, energy (+2.1%) was the only sector that finished higher. American Express fell 3.7% after announcing it will cut 5% of its workforce, and that weighed on the Dow. [1] [3]

Why it matters: Weekend headlines from the Middle East will likely set the tone for oil this morning. That's good news for Alberta producers but bad for everyone else's costs. Wells Fargo flagged diesel prices as a margin hit for discount retailers, and Dollar Tree and Dollar General were both down about 5% midday. [1]

2. SpaceX spooks the telecoms, and Verizon reports first. A report that SpaceX is in talks for access to at least 80,000 U.S. cell sites, a step toward becoming a wireless carrier, sent AT&T and T-Mobile down nearly 8%, with Verizon off 1.2%. Tower owners went the other way: Crown Castle rose 9% and American Tower 4%. Rogers fell 2.3% even though its profit beat estimates. [3] [1]

Why it matters: Verizon reports before the open today, with its call at 6:30am MT. It's the first chance for a carrier to answer the SpaceX threat. T-Mobile follows Wednesday. [11]

3. Yields tick up, sentiment stays gloomy, and gold slides. The 10-year yield rose 3.5 bp to 4.987%. [4] The University of Michigan's sentiment index came in at 48, and one-year inflation expectations rose to 4.7%. [1] Gold fell 1.28% to $3,991.10, its lowest settle since July 16. [5] Late Friday, futures put the odds of a Fed hike on Wednesday at less than 10% and the odds for December at about 80%. [8]

Why it matters: Higher-for-longer is the base case. A Reuters poll found 19 of 34 economists expect the Bank of Canada to raise to 2.50% Wednesday. That matters for mortgage renewals and GIC rates. [9] [10]

🗓️ On the calendar this week (times MT)

• Mon 26: Earnings from Verizon (pre-market), plus Cadence, Nucor and Celestica after the close [11]
• Tue 27: Coca-Cola, Boeing, UPS and HSBC (AM); Visa and Robinhood (PM). Data: durable goods (6:30am) and consumer confidence (8am) [11] [7]
• Wed 28: 🇨🇦 BoC decision + MPR, 7:45am. 🇺🇸 Fed decision, 12pm. After the close: Microsoft, Alphabet, ServiceNow, T-Mobile, CPKC [12] [7] [11]
• Thu 29: 🇺🇸 Q3 GDP (advance) + September PCE inflation, 6:30am, plus jobless claims. 🇪🇺 ECB decision. Eli Lilly, Mastercard and Caterpillar (AM); Amazon, Intel and Coinbase (PM) [7] [13] [11]
• Fri 30: 🇨🇦 StatCan August GDP (6:30am). 🇺🇸 Employment cost index. 🇯🇵 BoJ decision. ExxonMobil, Chevron, Imperial Oil and CN Rail (AM) [14] [7] [15] [11]
• On deck: Apple reports Mon Nov 2. U.S. midterms are Tue Nov 3. [11] [8]

📈 Stat of the day

334 vs. 74. That's how many Nasdaq stocks hit new 52-week lows on Friday versus new highs. Under the surface, the selling was broader than the Nasdaq's −0.21% suggests. [3]

Sources

1. CNBC live blog, Oct 23, 2026: https://www.cnbc.com/2026/10/22/stock-market-today-live-update.html
2. AP News, How major US stock indexes fared Fri 10/23/2026: https://apnews.com/article/wall-street-stocks-dow-nasdaq-e07c72bc5cbe5dffe352ddf30054e35f
3. The Globe and Mail / Reuters (TSX close, sectors, telecoms, breadth): https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-premarket-tech-selloff-relents-oil-at-five-month-high/
4. Morningstar / Dow Jones Data Talk, 10-year Treasury yield, Oct 23, 2026: https://www.morningstar.com/news/dow-jones/202610238213/10-year-treasury-yield-falls-to-4987-this-week-data-talk
5. Morningstar / Dow Jones Data Talk, Comex gold, Oct 23, 2026: https://www.morningstar.com/news/dow-jones/202610237436/comex-gold-ends-the-week-405-lower-at-399110-data-talk
6. Yahoo Finance, BTC-USD historical data: https://finance.yahoo.com/quote/BTC-USD/history/
7. CNBC, week-ahead calendar, Oct 23, 2026: https://www.cnbc.com/2026/10/23/next-week-brings-major-risks-for-the-stock-market-just-as-the-ai-trade-keeps-faltering.html
8. Reuters via Investing.com, Earnings flood, Fed meeting will test rickety AI market rally: https://www.investing.com/news/economy-news/earnings-flood-fed-meeting-will-test-rickety-ai-market-rally-4971185
9. Reuters via Investing.com, Bank of Canada poll: https://www.investing.com/news/economy-news/bank-of-canada-to-raise-rates-to-250-on-october-28-and-once-again-by-endmarch-reuters-poll-4970116
10. The Globe and Mail, Bank of Canada expected to raise benchmark rate: https://www.theglobeandmail.com/business/article-bank-of-canada-benchmark-rate-oct-28-announcement/
11. StockTitan, Earnings Calendar for the Week of October 26, 2026: https://www.stocktitan.net/articles/earnings-calendar-week-of-october-26-2026
12. Bank of Canada, Interest Rate Announcement and MPR, Oct 28, 2026: https://www.bankofcanada.ca/2026/10/interest-rate-announcement-and-monetary-policy-report-october-28-2026/
13. ECB, Governing Council meeting calendar: https://www.ecb.europa.eu/press/calendars/mgcgc/html/index.en.html
14. Statistics Canada, release schedule: https://www150.statcan.gc.ca/n1/dai-quo/cal2-eng.htm
15. Bank of Japan, Monetary Policy Meeting schedule: https://www.boj.or.jp/en/mopo/mpmsche_minu/index.htm

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