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Iran–U.S. Gulf Strikes Escalate: What It Means for Your Canadian Wallet

  The Persian Gulf is on edge again — and this time, the ripple effects are showing up at Canadian gas pumps and grocery stores. On Wednesday, June 3, Iranian drones struck Kuwait's main airport, temporarily shutting it down and killing one person. The U.S. military struck back, targeting an Iranian military ground control station on Qeshm Island in the Strait of Hormuz. It is the latest in a series of back-and-forth military exchanges that are pushing a fragile ceasefire to the breaking point. What Is Happening Right Now? Iran's paramilitary Revolutionary Guard confirmed it targeted U.S. military facilities — including the headquarters of the Navy's 5th Fleet in Bahrain — in retaliation for American strikes on Iranian territory. The U.S. responded with strikes on Qeshm Island. Meanwhile, semiofficial Iranian news agencies reported that Tehran has halted communications with ceasefire mediators, saying it wants the fighting in Lebanon resolved before any broader truce can be...
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Stocks Rise as Weak Economic Data Sink US Yields

                                        

Wall Street traders sent stocks higher and bond yields fell as a string of weaker-than-estimated economic reports reinforced the case for the Federal Reserve to start cutting rates this year. In a shortened session ahead of the US holiday, the S&P 500 headed toward a fresh all-time high.

In summary:

  • The S&P 500 rose to around 5,520.
  • Tesla Inc. extended its rally into a seventh straight session.
  • Amazon.com Inc. fell.
  • Treasury 10-year yields fell seven basis points to 4.36%.
  • Swap traders project almost two rate cuts in 2024, with the first in November.
  • The dollar headed toward its biggest drop since mid-May.

Investors are closely watching Friday’s employment data for further insight into the state of the labor market. Economists anticipate a 190,000 gain in nonfarm payrolls, with the unemployment rate holding at 4%.


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