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Oil Surges Past $103 as TSX Extends Losing Streak

  Markets are lower this morning as oil surges past US$103 and tech stocks remain under pressure, with the TSX coming off a fourth straight decline. Below is your ready-to-publish Canadian Money Brief update for April 29, 2026 , built from today’s market data and news. TSX slips as oil spikes and global tensions rise The S&P/TSX Composite opened at 33,584 , down 0.69% from yesterday’s close as weakness in tech and materials continues to weigh on the index. Rising geopolitical tensions and renewed uncertainty around the Iran conflict have pushed WTI crude above US$103 , lifting Canadian energy names but not enough to offset broader declines.  U.S. markets are also softer, with the S&P 500 down 0.49% and tech stocks retreating amid renewed AI growth concerns.  Oil rallies on OPEC turmoil Crude prices are up more than 3% , driven by the UAE’s announcement that it will exit OPEC and by expectations of prolonged supply disruptions tied to the Iran war.  ...

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Data Derailed: $900 Million Cut from U.S. Education Research

 

In a dramatic move that has rattled the education community, Elon Musk’s cost-cutting initiative, the Department of Government Efficiency (DOGE), has slashed nearly $900 million in contracts from the U.S. Department of Education’s research arm, the Institute of Education Sciences (IES). The cuts—announced via a DOGE post on the social media platform X—affect dozens of multi‐year agreements designed to track student learning from kindergarten through high school.

According to DOGE, 89 contracts totaling approximately $881 million have been terminated, with one contractor’s $1.5 million deal to “observe mailing and clerical operations” cited as an example of expenditures deemed wasteful. While the move spares flagship projects such as the National Assessment of Educational Progress (NAEP)—widely known as the nation’s report card—as well as data tools like the College Scorecard, critics worry that the broader impact will be felt in the erosion of long-term educational research.

Lawmakers and education experts have expressed strong concerns that the termination of these contracts will undermine the ability to collect and analyze essential data on school performance and student outcomes. Senator Patty Murray, a former preschool teacher and a vocal advocate for robust public education research, lambasted the decision as “bulldozing the research arm” of the Education Department. “Without such research, our ability to pinpoint achievement gaps and to improve educational practices is severely compromised,” she said.

Supporters of the cuts argue that they are a necessary step in eliminating inefficiencies and ensuring that taxpayer dollars are spent wisely. A spokesperson for the department explained that the canceled contracts were identified as “waste, fraud, and abuse” and that the action aligns with an administration-wide effort to focus on “meaningful learning.”

This sweeping retrenchment comes amid ongoing debates over the federal role in education. President Donald Trump has long promised to decentralize education and return more control to the states—a vision that now appears to be taking shape through DOGE’s aggressive budget-cutting measures. However, as researchers and local educators brace for potential fallout, the long-term implications of dismantling a key source of national education data remain deeply uncertain.

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