Canadian markets brace for tech rout after US election fallout

A steep rout in technology stocks rippled through markets Friday on fears that the Democrats' U.S. midterm election victory would increase regulatory scrutiny of AI and slow data centre buildout, wiping nearly US$3-trillion off S&P 500 companies' value. Wall Street futures were mixed with the Dow pointing lower, while TSX futures were in the red after yesterday's 2-per-cent decline. Investors awaited October jobs numbers from Canada and the U.S., with earnings due from Enbridge, Telus, Brookfield Asset Management and others. Overseas, the pan-European STOXX 600 fell 1.68 per cent, while Japan's Nikkei closed 5.96 per cent lower. Oil prices steadied but were set for a sharp weekly fall, and the Canadian dollar weakened against its U.S. counterpart.