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5 Things to Know Today: Markets Near Records, Rates Hold, Oil Eases

  Here's what Canadian money watchers need to know as we head into the week: 1. TSX Hits Record Territory Amid Diplomatic Optimism The S&P/TSX Composite Index is hovering near 35,000 , approaching record levels as markets digest positive signals from U.S.-Iran negotiations. Senior officials say a deal to reopen the Strait of Hormuz could be signed at next week's G7 summit, easing geopolitical tensions and supporting oil-sensitive sectors. Financial stocks led gains—RBC, TD, and BMO all rose about 0.5–1%—while mining names like Agnico Eagle and WPM climbed despite softer gold prices. What it means for your wallet: A more stable geopolitical backdrop and lower oil prices could ease inflation concerns, improving conditions for your savings and investments. 2. Bank of Canada Holds Rates at 2.25% for Fifth Time On June 10, the BoC kept its benchmark overnight rate steady at 2.25% —marking five consecutive holds since October 2025. Governor Tiff Macklem cited a "two-directi...
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Market Turmoil as U.S. Consumer Confidence Plummets

In a dramatic turn of events, U.S. consumer confidence experienced its steepest decline in three and a half years, sending shockwaves through the stock market. The Conference Board reported that its Consumer Confidence Index fell to 98.3 in February, down from 105.3 in January. This seven-point drop marks the largest single-month decline since August 2021.

The decline in consumer confidence has been attributed to a mix of factors, including rising inflation, concerns over tariffs, and uncertainty surrounding the policies of President Donald Trump. Stephanie Guichard, senior economist for Global Indicators at The Conference Board, noted that consumers became increasingly pessimistic about future business conditions and less optimistic about future income.

The impact of this decline was felt across the stock market, with major indices experiencing significant losses. The Nasdaq Composite Index tumbled 1.4%, while the S&P 500 shed 0.5%. Investors are now closely watching upcoming economic data releases, particularly Friday's inflation report, for further insights into the state of the U.S. economy.

As consumer confidence wanes, the outlook for the U.S. economy remains uncertain. The potential for a recession looms large, with the Conference Board's expectations index dropping below the threshold that typically signals a recession ahead. For now, both consumers and investors are left grappling with the implications of this sudden shift in sentiment.


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