Live news: Canadian dollar drops after Bank of Canada holds rates — what it means for you

financialpost.com:

A slide in big tech weighed on stocks, while Treasury yields fell as economic data reinforced the case for a United States Federal Reserve pause next week — with traders betting the central bank is most likely done with rate hikes.

The Nasdaq 100 dropped almost one per cent as Meta Platforms Inc. sank after dashing investors’ hopes for a long-term advertising recovery. United Parcel Service Inc. — an economic barometer — cut its profit target. Two-year U.S. government yields, which are more sensitive to imminent policy moves, dropped five basis points to 5.06 per cent.

Swap contracts project less than 50 per cent odds for one more Fed hike in the current tightening cycle. The euro remained lower as the European Central Bank kept rates unchanged.

In New York, the S&P 500 was down 0.59 per cent at 4,162.86. The Dow Jones Industrial Average fell 0.12 per cent to 32,983.06.

In Toronto, the S&P/TSX composite index was down 0.27 per cent at 18,896.29.

The United Auto Workers (UAW) reached a tentative labour agreement with Ford Motor Co., putting pressure on the carmaker’s two chief rivals to end a protracted strike that has cost the industry billions of dollars.

Ford agreed to a record 25 per cent hourly wage hike over the life of the contract, which exceeds four years. With cost-of-living allowances, the top wage rate is expected to increase by 33 per cent. The top pay will be over US$40 an hour, the union said.

Ford, which has the largest UAW workforce among Detroit’s three legacy automakers, was the first company to offer a counter-proposal to the union and now is the first carmaker to settle. UAW leadership will vote on the deal Oct. 29. It then must be ratified by Ford’s 57,000 U.S. hourly workers, a process that could