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Oil Swings, Records Fall, and Bank Earnings Roll In: Markets Update — May 28, 2026

  Thursday is shaping up to be an eventful one for markets. A sharp rebound in oil prices — triggered by fresh U.S. military strikes in Iran overnight — is rattling futures this morning, even as Wall Street closed at fresh records on Wednesday. Here in Canada, the TSX pulled back sharply, weighed down by energy-sector volatility and mixed signals from the big banks. Traders are also keeping a close eye on two major U.S. data releases due today: April PCE inflation and the Q1 GDP second estimate. Canada The TSX had a rough Wednesday. The S&P/TSX Composite shed 241.82 points — roughly 0.70% — to close at 34,412.05, as energy stocks were dragged lower by falling crude prices. The loonie dipped slightly as well, with the Canadian dollar trading at 72.29 cents U.S., compared with 72.40 cents the day before. It's a big week for Canadian bank earnings, and results so far have been mixed but largely solid. Bank of Nova Scotia and BMO Financial Group both reported stronger second-quar...
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Trump Orders Decisive Strikes on Yemen's Houthis, Casualties Reported


In a significant escalation, U.S. President Donald Trump has authorized a series of airstrikes targeting Houthi rebels in Yemen. The operation, described as "decisive and powerful," aims to counter the Iran-backed group's activities in the Red Sea, which have disrupted global shipping and posed threats to international security.

The strikes, carried out on Saturday, resulted in at least 31 fatalities and over 100 injuries, according to reports from Yemen's Houthi-run health ministry. Many of the casualties were women and children, highlighting the devastating impact on civilians. The attacks targeted key Houthi military sites, including missile defenses and bases in Sanaa and other regions.

President Trump emphasized the necessity of the operation, stating that the U.S. would deploy "overwhelming lethal force" to ensure the safety of American and allied vessels. He also issued a stern warning to Iran, the Houthis' primary backer, demanding an end to their support for the group.

The Houthis have condemned the strikes as a "war crime" and vowed to respond with escalation. The situation remains tense, with further actions anticipated in the coming weeks. This marks a pivotal moment in the ongoing conflict, with potential implications for regional stability and international relations.

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