Trump Ends Canada Trade Talks, Key Inflation Report Due, Target Job Cuts, and More Market Movers Today

1. Trump Pulls the Plug on Canada Trade Talks

President Donald Trump announced late Thursday that the United States is halting trade negotiations with Canada after controversy erupted over an Ontario government ad featuring the voice of former President Ronald Reagan.

The ad criticized tariffs and their impact on Americans, but the Ronald Reagan Presidential Foundation said the clip misrepresented Reagan’s 1987 remarks and was edited without authorization.

Trump accused Canada of using the ad to sway the outcome of an upcoming Supreme Court case tied to his tariffs. Ontario Premier Doug Ford previously confirmed the province had allocated $75 million for a U.S.-focused ad campaign promoting its trade stance.

2. Inflation Data Finally Arrives After Shutdown Delay

After a nine-day delay caused by the U.S. government shutdown, the Bureau of Labor Statistics will release the September Consumer Price Index (CPI) report this morning — a crucial indicator for both Wall Street and the Federal Reserve.

Economists expect:

• Headline CPI to rise 0.4% month-over-month and 3.1% year-over-year

• Core CPI (excluding food and energy) to climb 0.3% monthly and 3.1% annually

This release, originally set for October 15, will be the final key data point before the Fed’s policy meeting next week. Market volatility is expected as investors react to the inflation numbers amid uncertainty from the prolonged shutdown — now the second longest in U.S. history.

3. Target Slashes 1,800 Corporate Jobs

Target announced its first major round of layoffs in 10 years, cutting around 1,000 current positions and eliminating 800 open roles, totaling roughly 8% of its corporate workforce.

The move comes as the retailer struggles to revive sluggish sales and streamline operations ahead of a leadership transition — with Michael Fiddelke set to take over as CEO next year, replacing Brian Cornell.

The layoffs signal broader concerns in retail as companies grapple with high costs, weaker consumer sentiment, and shifting spending habits.

4. Ford Outperforms But Trims Outlook

Ford Motor Company exceeded Wall Street expectations in its third-quarter earnings, sending shares up over 4% in after-hours trading.

However, the automaker cut its full-year guidance due to a fire at an aluminum supplier’s facility in New York, which disrupted production of its high-margin trucks and SUVs. Ford estimates the incident will cost between $1.5 billion and $2 billion.

Meanwhile, Rivian, the electric vehicle startup, also announced workforce reductions of about 4.5%, equivalent to over 600 jobs, as part of cost-cutting measures.

5. NBA Gambling Scandal Shocks the League

The NBA is facing a major controversy as Miami Heat guard Terry Rozier and Portland Trail Blazers coach Chauncey Billups were arrested amid ongoing sports betting investigations.

Both individuals have been placed on leave pending further inquiry. Authorities also charged former NBA player Damon Jones, who allegedly leaked confidential team information — including details about LeBron James and Anthony Davis — to gamblers during his time with the Los Angeles Lakers.

Sources close to the investigation say LeBron James had no knowledge of his data being shared.

Market Outlook:

With trade tensions, inflation data, corporate layoffs, and sports scandals dominating headlines, investors can expect heightened volatility across equities and commodities throughout the day.