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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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Wall Street Inches Lower as S&P 500 Nears 5,000 Milestone

 

On Thursday, Wall Street exhibited a cautious stance, with the S&P 500 teetering on the edge of a significant milestone: the 5,000 level. While futures for the S&P 500 dipped slightly by 0.2% before the opening bell, the Dow Jones Industrial Average remained virtually unchanged.

This week’s spotlight is on corporate earnings, as economic indicators from Washington take a back seat. Investors continue to grapple with turbulence in the regional banking sector. Notably, New York Community Bancorp faced another slide, dropping 4.9% early Thursday. The bank’s value has eroded significantly since last week’s surprise loss, attributed to its holdings in commercial real estate. Additionally, the acquisition of Signature Bank, which collapsed during last year’s mini banking crisis, has added to New York Community Bancorp’s challenges.

In brighter news, The Walt Disney Co. surged nearly 8% in premarket trading after reporting robust first-quarter earnings. Cost-cutting measures and increased revenue from theme parks contributed to Disney’s success. The company posted earnings of $1.91 billion, or $1.04 per share, marking a 49% increase from the same period last year.

However, not all companies fared well. PayPal, despite beating sales and profit forecasts, saw its shares plummet by nearly 9.7% before the bell. The culprit? A flat profit forecast for 2024 dampened investor enthusiasm.

In Asian markets, Hong Kong’s benchmark declined, while Shanghai advanced. China’s recent replacement of its top stock market regulator aims to bolster performance in what have been some of the world’s weakest markets this year. The new appointee, Wu Qing, known as the “broker butcher,” has a reputation for cracking down on market abuses like insider trading. The move signals China’s commitment to safeguarding smaller investors who have faced losses in recent sell-offs.

As the S&P 500 hovers near the 5,000 mark, investors remain watchful, balancing optimism with caution. The next steps in this financial dance will determine whether Wall Street can breach this historic threshold.

Disclaimer: The information provided here is for informational purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making investment decisions.


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