Canada's main stock market index down almost 400 points, U.S. stock markets also down

Colin Cieszynski, chief market strategist at SIA Wealth Management, said markets were hit hard Friday, particularly in the US.

The Canadian economy saw a modest bump in employment in September, while the unemployment rate fell to 5.2 per cent.He said that means the central banks don't need to pivot from their quantitative tightening paths just yet. But Cieszynski said good news is still good news -- the latest numbers show that central banks have been successfully deflating the bubble without sending markets into a crisis.

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