On Friday, November 28, 2025, futures tied to Canada’s main stock index remained largely unchanged as investors awaited the upcoming third-quarter GDP data. The S&P/TSX 60 futures were steady by 06:28 ET (11:28 GMT), following a modest 0.1% gain in the S&P/TSX composite on Thursday, marking a fifth straight day of gains. Meanwhile, U.S. futures and commodities trading faced disruptions due to a technical outage at CME Group’s data center.

Canadian Market Awaits Critical GDP Data

Market participants are focused on Canada’s Q3 GDP figures, which analysts estimate will reflect 0.5% annualized growth, indicating the economy barely avoided a consecutive quarterly contraction. The Bank of Canada recently lowered its benchmark interest rate to a three-year low of 2.25% and is widely expected to maintain this rate in December while carefully monitoring economic indicators. Despite a holiday-shortened U.S. trading session, the cautious advance in the S&P/TSX composite during recent days signals guarded optimism heading into the data release.

CME Group Outage Disrupts U.S. Futures and Commodity Trading

U.S. futures trading was interrupted Friday morning after a technical issue at CyrusOne data centers affected CME Group’s platforms. The outage temporarily halted trading of major futures contracts including the S&P 500, Nasdaq 100, Dow Jones, as well as commodities like West Texas Intermediate (WTI) crude oil. At 05:28 ET (10:28 GMT), S&P 500 futures were last up 0.1%. WTI crude futures, frozen during the outage, were last quoted at $59.08 per barrel, up 0.73%. On the flip side, Brent crude futures on the Intercontinental Exchange slipped roughly 0.1% amid ongoing geopolitical tensions regarding the Ukraine conflict and ahead of an upcoming OPEC+ meeting expected to maintain current output levels.

U.S. Market Optimism Bolstered by Fed Rate Cut and Leadership Speculation

U.S. equity benchmarks rallied over the week, fueled by rising investor confidence in a Federal Reserve interest rate cut at the December 9-10 policy meeting. The CME FedWatch tool places the probability of a 25 basis-point decrease at around 85%, a sharp increase from the prior week. This shift follows Fed rate cuts in September and October amid unclear economic data and pressure from a weakening labor market. Adding to positive sentiment, reports name White House economic adviser Kevin Hassett as a likely front-runner to replace Jerome Powell as Fed Chair. Hassett favors a dovish approach in line with President Donald Trump’s calls for lower interest rates. This backdrop has helped alleviate mounting investor concerns over a potential bubble in the artificial intelligence sector and related tech stocks, which have come under scrutiny for overvaluation and complex financing structures.

Upcoming Economic Data and Market Focus

Looking ahead, investors are preparing for key economic metrics due next week, chiefly the personal consumption expenditures (PCE) price index—a preferred inflation gauge for the Fed—scheduled for release on December 5. However, due to a prolonged federal government shutdown, the data will cover only September figures, prompting some analysts to question its relevance for current policy decisions. The shutdown has also delayed other important reports such as October inflation and labor statistics, further complicating the economic outlook.

Overall, TSX futures appear set to see limited movement as the market digests Canada’s critical GDP figures. Simultaneously, U.S. markets are navigating trading interruptions while recalibrating expectations ahead of the Federal Reserve’s anticipated policy shift. These interconnected developments will be pivotal for market direction as the year draws to a close.