The Nasdaq Composite has kept climbing since the US Federal Reserve raised its policy rate on September 16, 2026, its first increase in more than three years, with another hike signalled for this year. The rally continues despite warnings from Capital Economics that the AI trade is a late-stage bubble and that the S&P 500 could eventually fall at least 30 per cent. Behavioural finance describes this pattern as recency bias outweighing a clear warning signal.
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The final point is a 2:46 PM Eastern print from October 7 rather than an official close, drawn dashed because the closing level was not available at publication.
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Converting the S&P 500 into Canadian dollars adds the effect of USD/CAD, which has risen since August 26.
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Equities priced relief after a weak September payrolls report, but Treasury yields closed higher anyway, so the bond market did not treat the miss as a reason to expect lower rates.
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Brent crude rose 5.1% over the week to $87.84 a barrel as an escalating Iran conflict pushed oil back toward its earlier highs.
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Six major assets all finished the week higher, but energy markets moved roughly five times faster than equities or the Canadian dollar.
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