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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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US Futures Rise as Inflation Cools Unexpectedly

                                            

US stock futures are on the rise today after a key report on consumer inflation surprised investors. The Consumer Price Index (CPI) declined 0.1% over the previous month, marking the first month-over-month decrease since 2020. Additionally, the annual gain in consumer prices was the slowest rise since early 2021, coming in at just 3.0% over the prior year in June.

Here are the highlights:

  • S&P 500 Futures: The broad index crossed 5,600 for the first time on Wednesday, and futures rose by 0.2% today.
  • Dow Jones Industrial Average Futures: These rose roughly 0.1%.
  • Nasdaq 100 Futures: Contracts on the tech-heavy Nasdaq 100 also gained around 0.2%.

Fed Chair Jerome Powell’s recent comments have fueled expectations of interest-rate cuts, and today’s inflation data further bolstered bets on a cut by September. Approximately 87% of traders now expect such an outcome, according to the CME FedWatch tool.

In corporate news, Costco shares rose in pre-market trading after announcing its first membership fee hike since 2017. This move is seen as reflecting price pressures on consumers. Meanwhile, PepsiCo and Delta Air Lines reported earnings, setting the stage for big bank earnings in the second quarter.

Stay tuned for more updates as the market continues to react to economic data and corporate earnings.


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