Skip to main content

Featured

Oil Surges Toward $98 as Red Sea Attacks Escalate — TSX Holds Near Record High | Daily Markets Update, July 23, 2026

  Thursday, July 23, 2026 Oil is the story again this morning. Brent crude jumped as much as 4.6% to touch $98.44 US a barrel before easing slightly, its highest level since May, after Iran-backed Houthi rebels said they struck two Saudi oil tankers in the Red Sea — opening a new front in a conflict that's already kept crude climbing for weeks. U.S. crude (WTI) pushed above $90 US for the first time since early June. That's on top of Wednesday's session, when Canada's S&P/TSX composite index closed at a fresh record high, even as U.S. tech stocks wobbled after Alphabet and Tesla both spooked investors with ballooning spending plans in their earnings reports. 🇨🇦 Canada: TSX Closes at a Record, But Oil's Latest Jump Cuts Both Ways Canada's main index closed up 116.03 points, or 0.3%, at 35,485.11 on Wednesday — another all-time closing high, even as U.S. President Donald Trump issued fresh tariff threats on generic drug imports from Canada. BMO Global Ass...
Post a Comment
Read more

article

Labels

Market Turmoil: U.S. Stocks Plunge Amid Trump Tariff Fears

 

U.S. stocks experienced a significant decline on Friday as concerns over President Donald Trump's tariff policies spread among businesses and consumers. The S&P 500 fell by 1.7%, marking its worst day in two months, while the Dow Jones Industrial Average dropped 748 points, or 1.7%, and the Nasdaq composite tumbled 2.2%.

The losses accelerated throughout the day following several weaker-than-expected economic reports. One report suggested that U.S. business activity is close to stalling, with growth slowing to a 17-month low. The preliminary report from S&P Global indicated that activity unexpectedly shrank for U.S. services businesses, with many in the survey reporting slumping optimism due to concerns about Washington.

Additionally, a separate report revealed that U.S. consumers are preparing for higher inflation, partly due to potential tariffs that could raise prices for various imports. The University of Michigan's survey showed that consumers broadly expect prices to be 4.3% higher 12 months from now, a significant jump from their forecast of 3.3% inflation last month.

The stock market's decline was widespread, with stocks of the smallest companies, whose profits are more closely tied to the strength of the U.S. economy, falling more than the rest of the market. The Russell 2000 index of small stocks dropped by 2.9%. Within the S&P 500 index, three out of every four stocks fell, including Big Tech stocks, airlines, and metals companies.

Despite the recent downturn, the U.S. stock market remains up for the year so far and is not far from its all-time high set earlier this week. However, Friday's reports have raised concerns about the resilience of the economy, and the losses on Wall Street were widespread.


Labels:

Comments

Post a Comment