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5 Things to Know Today — June 21, 2026

  Whether you're starting your week or wrapping up your weekend, here are the five Canadian money stories shaping your financial picture right now. 1 Canada Is Technically in a Recession — And the Political Fight Is On Canada's GDP contracted 0.1% on an annualized basis in Q1 2026, following a 1% decline in Q4 2025 — two consecutive quarters of negative growth that meet the textbook definition of a technical recession. Prime Minister Mark Carney has called it a "settling-in period" tied to his government's restructuring of the economy in response to the U.S. trade war. Conservative Leader Pierre Poilievre has been relentless in his counter-offensive, pointing to rising insolvencies, job losses and food bank usage as proof that the downturn is real, not technical. Many economists, including BMO's chief economist Douglas Porter, have noted that a future revision to Statistics Canada's data could erase the slim 0.1% contraction — meaning this may not ultimate...
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U.S. Markets Tumble on Earnings, Bond Yields

U.S. stocks fell on Wednesday, October 25, 2023, as investors digested mixed earnings reports from Microsoft and Alphabet while Treasury yields pushed higher. The Dow Jones Industrial Average dropped 0.32% to 33,035.93 points, the S&P 500 index slid 1.43% to 4,186.77 points, and the Nasdaq composite index plunged 2.43% to 12,821.22 points.

Alphabet shares slid more than 9% after the Google parent beat on earnings and revenue but fell short in its cloud business. Microsoft shares rose 3% after its own double beat showed its bets on AI were paying off for its cloud segment. Other tech giants such as Amazon and Meta also declined ahead of their earnings reports.

The earnings season also coincided with a surge in bond yields, as the Bank of Canada and the U.S. Federal Reserve signaled their readiness to fight inflation by keeping interest rates high. The BoC held its key rate at 5.0%, but lowered its 2023 growth forecast to 1.2%. The Fed is expected to announce its tapering plans next week.

The higher yields weighed on rate-sensitive sectors such as technology and real estate, but boosted energy and financial stocks. The Canadian dollar traded for 79.23 cents US compared with 79.28 cents US on Tuesday.



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