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Oil Swings, Records Fall, and Bank Earnings Roll In: Markets Update — May 28, 2026

  Thursday is shaping up to be an eventful one for markets. A sharp rebound in oil prices — triggered by fresh U.S. military strikes in Iran overnight — is rattling futures this morning, even as Wall Street closed at fresh records on Wednesday. Here in Canada, the TSX pulled back sharply, weighed down by energy-sector volatility and mixed signals from the big banks. Traders are also keeping a close eye on two major U.S. data releases due today: April PCE inflation and the Q1 GDP second estimate. Canada The TSX had a rough Wednesday. The S&P/TSX Composite shed 241.82 points — roughly 0.70% — to close at 34,412.05, as energy stocks were dragged lower by falling crude prices. The loonie dipped slightly as well, with the Canadian dollar trading at 72.29 cents U.S., compared with 72.40 cents the day before. It's a big week for Canadian bank earnings, and results so far have been mixed but largely solid. Bank of Nova Scotia and BMO Financial Group both reported stronger second-quar...
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Speaker Kicks Poilievre Out of the Commons After He Calls PM a ‘Wacko’ in Tense Question Period Exchange

In a heated exchange during question period, Conservative Leader Pierre Poilievre was kicked out of the House of Commons by Speaker Greg Fergus. The incident occurred after Poilievre referred to Prime Minister Justin Trudeau as a “wacko” for supporting British Columbia’s policy of decriminalizing some hard drugs in an attempt to reduce overdose-related deaths.

The tension escalated when Fergus asked Poilievre to withdraw his “unparliamentary language.” Poilievre refused, suggesting he would replace “wacko” with “extremist” or “radical.” Fergus promptly removed him from the chamber.

Following Poilievre’s ejection, the entire Conservative caucus left the Commons chamber in protest. Trudeau, who was also involved in name-calling during the exchange, accused Poilievre of courting “white nationalist groups” and criticized his past actions.

The incident highlights the intensity of political debates and the importance of maintaining decorum within the parliamentary setting. As the fallout continues, Canadians are closely watching how this clash will impact the political landscape.

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