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Weekly Market Snapshot: TSX Holds Near 34,000 as Banks Rally and Loonie Slips

Canadian Money Brief  ·  May 16, 2026  ·  moneysavings.ca Canadian markets closed another turbulent week navigating Middle East tensions, a high-stakes U.S.–China summit, and fresh inflation signals from south of the border. Here is everything Canadian investors need to know right now. S&P / TSX 34,267 ▲ +0.67% (Thu) USD / CAD 1.37 ▼ Loonie under pressure BoC Rate 2.25% ● On hold Canada CPI (Mar) 2.4% ▲ Up from 1.8% WTI (CAD) ~$140 ▲ Near multi-year high 📈 TSX Equities: Banks Lead, Outliers Steal Headlines The S&P/TSX Composite Index traded near the 34,000 mark all week, closing Thursday at 34,267 — a gain of 0.67% on the session and up a remarkable 32.32% compared to the same time last year. The broad gains came as investors watched the highly anticipated summit between U.S. President Donald Trump and Chinese President Xi Jinping, with Trump describing the talks as "extremely positive and constructive." Canada's big banks were the week's standout performer...
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Yemen’s Houthi Rebels Launch Missile at U.S. Warship in Gulf of Aden

 


Yemen’s Houthi rebels have launched a missile at a U.S. warship patrolling the Gulf of Aden, forcing it to shoot down the projectile. This marks a further escalation in the biggest confrontation at sea the U.S. Navy has seen in the Middle East in decades. 

The attack on the destroyer USS Carney is the first time the Houthis directly targeted a U.S. warship since the rebels began their attacks on shipping in October. The missile was successfully shot down by USS Carney, and there were no injuries or damage reported.

The conflict in the Middle East has been escalating for years, and this recent attack is a reminder of the ongoing tensions in the region. The U.S. Navy has been involved in the Middle East for decades, and this latest attack highlights the dangers that sailors face while patrolling the region’s waters.


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