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Futures tracking US equities were firmly higher on Wednesday as strong corporate results from the AI sector drove markets to reconsider their skepticism on the AI trade. Contracts for the S&P 500 rose nearly 1% and the Nasdaq gained almost 2%, while the Dow hovered above the flatline. CoreWeave was over 10% higher premarket after posting strong sales growth and upgrading its guidance, easing concerns over its debt levels that served as a bellwether for the cloud-computing sector. Meanwhile, reports indicated strong subscription demand for Anthropic’s IPO expected by next week, which now targets a valuation of $1.5 trillion, supporting AI companies. Nvidia, Broadcom, AMD, Intel, and Micron rose up to 7%. Other sectors were steady, with thin trading as the Veterans Day holiday had fixed-income security exchanges closed. Corporate yields surged yesterday after a hot inflation reading consolidated bets of multiple rate hikes by the Fed next year.

US Futures Rebound on Strong AI Demand

Canada’s 10-year government bond yield edged higher to around 3.7% from a two-month low of 3.65% reached on November 9th, tracking the increase in its US counterpart. US Treasury yields climbed after hotter-than-expected inflation data in October reinforced expectations of further Federal Reserve rate hikes. Most market participants are also pricing in a Bank of Canada rate hike due to high inflation. In Canada, annual inflation rose to 3.1% in September from 3.0% in August, its highest level since May’s 3.2%. The increasing prices follow up on a recovering economy with Q2 GDP growth soaring to 0.8%, while the Democratic Party victory in US mid-term elections could soften trade pressures on Canadian growth. Limiting the hawkish certainty, employment fell by 4,700 in October, missing expectations for a 13,600 increase.

Canada 10-Year Yield Rebounds Slightly

DXY increased to 102.55, the highest since October 2026. Over the past 4 weeks, Dollar Index lost 0.04%, and in the last 12 months, it increased 3.07%.

Dollar Index Hits 4-week High

The dollar index extended its gains to 102.5 on Wednesday, following a 0.5% advance in the previous session, reaching its highest level in about a month. The rally came as investors increasingly priced in a more aggressive pace of Fed rate hikes in the coming months, following hotter-than-expected inflation data and increasingly hawkish remarks from central bank officials. Adding to the hawkish tone, Fed Governor Christopher Waller warned that a 50bps rate hike in December could be warranted, while Dallas Fed President Lorie Logan backed at least two further 25bps increases. Markets currently assign an approximately 86% probability to a 25bps hike at the Fed’s December meeting, while investors are also beginning to factor in additional increases in January and potentially April. Meanwhile, oil prices recovered, trimming losses following a two-day decline. The greenback strengthened against all major currencies, posting its largest gains against the Canadian dollar and the Swiss franc.

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