Canada stocks higher at close of trade; S&P/TSX Composite up 2.39%

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• Apple cements its status as tech’s biggest heavyweight with the stock’s best day in over a year

  Investors are treating the technology giant as a safe haven while broader market volatility rattles the industry. The surge reflects a shift away from artificial intelligence infrastructure companies, which are currently facing steep pressure following recent midterm election results. This positioning establishes the company as a preferred defensive play during political and sector-wide turbulence.

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• Chime raises annual revenue forecast on robust demand

  Persistent consumer resilience has bolstered digital banking adoption despite macroeconomic pressures like inflation and elevated oil prices. The San Francisco-based fintech company outperformed third-quarter expectations, prompted by significant expansions in user engagement and purchase volumes. This upward momentum positions the business to outpace consensus targets as user activity scales into year-end.

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• Qualcomm falls 3% as handset revenue misses estimates, costs rise

  The chipmaker faced immediate investor pushback following its latest financial disclosures, which revealed mounting operational expenses alongside softer-than-projected core mobile device sales. Weakness in the central handset division continues to test corporate margins as elevated expenditure limits near-term profitability. Market participants reacted swiftly to the development by discounting the technology firm's equity value.

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