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5 Things to Know Today: Retaliation Tariffs Hit, Oil Spikes on Saudi Strikes

  Tuesday, September 8, 2026 — Your morning rundown of the Canadian financial news that actually affects your wallet. 1. Canada's $27.6B Retaliation Tariffs Take Effect At 12:01 a.m. today, Canada's countermeasures against more than 700 U.S. products came into force, matching Washington's August 22 tariffs dollar-for-dollar. Tariffs on American steel and aluminum double to 50%, while new levies of 15% to 50% now apply to dairy, appliances, agricultural equipment, pulp and paper, and electronics. A $7.5-billion support package is rolling out for affected Canadian businesses. What it means for you: U.S.-made appliances (fridges, freezers, washers, dryers, ranges) now carry a 25% tariff, and cheese, whey, and milk powder imports jump 25%–50%. Shopping for a new appliance or specialty dairy product? Expect price increases to show up at retail over the coming weeks. 2. Oil Surges to ~$99 on Overnight Saudi Strikes Overnight strikes on Saudi energy facilities pushed Brent crude...
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Wall Street Futures Dip as Holiday-Shortened Week Concludes

 

 U.S. stock index futures fell on Friday as Wall Street wrapped up a holiday-shortened week. The Dow Jones Industrial Average futures dropped 119 points (0.27%), while S&P 500 futures declined by 22 points (0.36%). Futures tracking the tech-heavy Nasdaq 100 also fell by 92.25 points (0.42%).

Despite the dip, the S&P 500 has nearly recovered from last week's losses, driven by the U.S. Federal Reserve's projection of fewer interest rate cuts in 2025. The benchmark index is now just 1% below its all-time high reached on December 6.

Investors are now eyeing the "Santa Claus rally," a traditional stock-buying season in the last five trading sessions of December and the first two of January. Historically, the S&P 500 has climbed 1.3% on average during this period since 1969.

Trading volumes have been lower than average this week and are expected to remain subdued until January 6. The next major focus for markets will be the December employment report due on January 10.




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