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Daily Markets Update: TSX Slips as Oil Jumps and Wall Street Wavers on Renewed U.S.-Iran Tensions

  Thursday, July 9, 2026 Global markets are digesting another bout of Middle East risk this week. Wednesday's session saw a fresh flare-up between the U.S. and Iran send oil prices sharply higher, rattling equities in Toronto, New York and across Europe, even as Asian markets bounced back into Thursday's session. Here's your rundown of where the major indexes, commodities and the loonie stand heading into today. 🇨🇦 Canadian Markets: TSX The S&P/TSX Composite Index fell 336.79 points, or 0.96%, to close Wednesday at 34,935.80 , down from Tuesday's close of 35,272.59. The pullback came as renewed U.S.-Iran hostilities pushed oil prices higher, which typically helps Canada's energy-heavy index — but this time, financials and mining stocks led the retreat as gold prices slid and rate-cut hopes cooled. Agnico Eagle Mines and Barrick Gold each fell more than 2%, while Wheaton Precious Metals dropped about 2% on the back of weaker gold. Tech names also weighed on th...
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Hudson’s Bay Liquidation Marks End of an Era, Thousands of Jobs at Stake

 

Hudson’s Bay, Canada’s oldest retail company, is set to liquidate the majority of its stores, leaving thousands of employees facing layoffs. The company, which has been a cornerstone of Canadian retail for over 350 years, recently filed for creditor protection due to financial challenges, including reduced consumer spending and post-pandemic downtown traffic.

Starting today, liquidation sales will begin at all but six Hudson’s Bay locations across the country. The six stores spared include flagship locations in Toronto and Montreal, among others. However, the company has warned that these stores could also face closure if a restructuring solution is not found quickly.

The liquidation process is expected to impact over 9,000 employees directly, with additional effects on contractors and brand shop-in-shop staff. Many employees, some with decades of service, are grappling with the emotional and financial toll of the closures.

The liquidation sales are set to run until June 15, with stores vacated by June 30. Gift cards will be accepted until April 6, but loyalty points can no longer be redeemed.

This development marks a significant shift in Canada’s retail landscape, as Hudson’s Bay has been a symbol of heritage and commerce for centuries. The company’s iconic striped products and historic point blankets have become collector’s items amid the closures.



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