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Global Markets Update: Wall Street Returns, Oil Slips on Iran Deal Hopes — May 26, 2026

  U.S. markets reopen this Tuesday after the Memorial Day long weekend to a cautiously optimistic tone, with S&P 500 futures pointing higher and oil prices pulling back on signals that a U.S.–Iran ceasefire framework may be within reach. The TSX is open for regular trading, while European markets also add gains. Here is your full daily rundown. Canada — TSX & Loonie Index / Rate Level Change S&P/TSX Composite 34,471 +0.18% CAD / USD 0.7241 +0.07% Bank of Canada Rate 2.25% On hold The TSX opened for a full session today — Victoria Day was observed last week (May 18) and is now in the rear-view mirror. The composite index finished Friday at 34,471, buoyed by strength in materials and financials, while the energy sub-index lagged slightly as crude prices retreated. The Canadian dollar is trading near 72.4 U.S. cents (USD/CAD ~1.38), finding modest support from elevated oil prices even as a stronger greenback — underpinned by the U.S. Federal Reserve's higher-for-longer st...
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Ontario Cancels $100M Starlink Deal Amid Escalating Trade Tensions

 

Ontario Premier Doug Ford has announced the cancellation of a $100-million contract with Elon Musk’s Starlink satellite internet service, a move aimed squarely at countering U.S. tariffs on Canadian goods. The contract—signed last November as part of Ontario’s initiative to deliver high-speed internet to 15,000 remote and rural premises—will now be scrapped amid a broader decision to ban American companies from provincial contracts until the tariffs are removed. 

Ford emphatically stated on social media that Ontario “won’t do business with people hellbent on destroying our economy,” attributing the policy shift to President Trump’s tariff actions. He warned that U.S.-based businesses could lose “tens of billions of dollars” in new revenue as a result. This decisive step is just one element of Ontario’s wider strategy to respond to the escalating trade dispute, which has already seen retaliatory tariffs imposed by both Canada and the United States. 

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