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5 Things to Know Today: Oil Surges, Tariffs Land Tomorrow, Your Gas Tax Break Survives

  Monday, September 7, 2026 — Labour Day | Canadian Money Brief Markets are closed for the holiday, but the week ahead is loaded. Here are five things worth knowing before you head back to your desk tomorrow. 1. Oil Hits a Five-Week High as the Iran Conflict Escalates Crude climbed to $92.06 US/barrel on Saturday — up 17.75% over the past month and nearly 48% year over year — after Iran and the United States exchanged missile strikes this week. Israel's defence minister has threatened "crippling" attacks on Iran's energy infrastructure, the EU has formally joined the US-led sanctions campaign, and US Vice President JD Vance said Washington won't hold peace talks until Iran stops targeting ships in the Strait of Hormuz. What it means for you: Even with the federal gas tax break extended (see #4), pump prices track the price of crude itself. If your tank's getting low, filling up early this week may beat whatever the Strait of Hormuz situation does to prices by...
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US Stock Futures Retreat After Intel’s Gloomy Outlook

 

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US stock futures retreated on Friday after Intel’s first-quarter outlook fell well short of Wall Street expectations, somewhat denting the AI-fueled hopes that have helped lift stocks to record highs. 

Intel shares fell over 10% in premarket trading, with peers AMD and Nvidia also taking a slight knock. The S&P 500 futures dropped 0.2% after a winning Thursday saw the benchmark close at another record high. Dow Jones Industrial Average futures also lost around 0.2%, while those on the tech-heavy Nasdaq 100 sank nearly 0.5%. Techs led the way lower after a gloomy outlook from Intel, as investors awaited a key inflation reading seen as influential in the timing of an interest rate cut.

The release of the PCE index for December painted a rosy inflation picture for investors, however. “Core” PCE, the inflation gauge commonly known as the Fed’s preferred measure, fell below 3% on an annual basis, the slowest rate of growth since March 2021. That number, combined with a hotter-than-expected early estimate on fourth quarter US GDP, could further the notion that the US economy is headed for a “soft landing.”

The Personal Consumption Expenditures Price Index (PCE) is a measure of the prices that people living in the United States pay for goods and services. It is released each month in the Personal Income and Outlays report and is used to calculate the GDP and inflation . The PCE index is known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior. The latest release of the PCE index for December 2023 shows that the “core” PCE, the inflation gauge commonly known as the Fed’s preferred measure, fell below 3% on an annual basis, the slowest rate of growth since March 2021.


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