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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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Major IT Outage Disrupts Key Services Across Canada


A significant IT outage has caused widespread disruptions across Canada, affecting airports, banks, border crossings, and hospitals. The issue originated from a faulty update deployed by cybersecurity firm CrowdStrike, impacting computers running Microsoft Windows.

Airports: The outage led to numerous flight cancellations and delays, particularly affecting U.S.-based carriers like United Airlines and American Airlines. Porter Airlines, operating within Canada and to some U.S. locations, also experienced significant disruptions.

Banks: TD Bank and other financial institutions faced operational challenges, causing inconvenience to customers and delays in transactions.

Border Crossings: The Canada Border Services Agency (CBSA) reported partial outages in its telephone reporting system, primarily affecting small aircraft passengers and boaters. Long delays were noted at major border crossings, including the Ambassador Bridge and the Detroit-Windsor tunnel.

Hospitals: Health care networks in British Columbia and other regions experienced disruptions, affecting their computer systems and networks.

CrowdStrike has acknowledged the issue, stating that it was not a security incident or cyberattack. Efforts are underway to restore normal operations, but the impacts are expected to linger for several days.


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