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5 Things to Know Today — September 28, 2026

  Monday, September 28, 2026  |  MoneySavings.ca Iran rejects Trump's terms for Hormuz, the US alcohol ban on Canadian goods kicks in tomorrow, the loonie posts its 13th straight losing session, Tuesday brings a key GDP print, and Ottawa quietly narrowed the federal deficit. Here's what it all means for your wallet today. 01 OF 05 🛢️ Iran Digs In on Hormuz — Trump Rejected the Deal, and Oil Stays Elevated Iran's Foreign Minister Abbas Araghchi offered over the weekend to reopen the Strait of Hormuz within seven days — the same terms attached to the June Islamabad Memorandum of Understanding that collapsed in early July. The conditions: the US lifts its naval blockade on Iranian ports, waives sanctions on Iranian oil sales, and observes a broader ceasefire. Trump rejected the offer outright on Saturday, calling it a play by a country that is "losing badly," and renaming the strait "Trump Strait" on Truth Social for good measure. As of this morning, Iran ...
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Market Turmoil: Nasdaq Hits Correction Territory Amid Tariff Uncertainty

                                             

The U.S. stock market faced a sharp downturn today, with major indices taking significant hits. The Nasdaq Composite officially entered correction territory, dropping over 10% from its December highs. The S&P 500 also plummeted to its lowest level since November, while the Dow Jones Industrial Average fell by over 400 points.

This market turbulence comes in the wake of tariff-related uncertainty stemming from the Trump administration. Recent announcements of pauses on tariffs for certain Mexican and Canadian goods have left investors grappling with the potential economic impact. Meanwhile, tech stocks led the retreat, with semiconductor companies like Marvell, Nvidia, and AMD experiencing steep declines.

Adding to the market's woes, soft economic data and concerns about stagflation have heightened fears of a slowing U.S. economy. Investors are now closely watching the upcoming jobs report, which could further influence market sentiment.

The volatility underscores the precarious balance between policy decisions and market stability, leaving traders and analysts bracing for what lies ahead.

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