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5 Things to Know Today: Oil Surges, Tariffs Land Tomorrow, Your Gas Tax Break Survives

  Monday, September 7, 2026 — Labour Day | Canadian Money Brief Markets are closed for the holiday, but the week ahead is loaded. Here are five things worth knowing before you head back to your desk tomorrow. 1. Oil Hits a Five-Week High as the Iran Conflict Escalates Crude climbed to $92.06 US/barrel on Saturday — up 17.75% over the past month and nearly 48% year over year — after Iran and the United States exchanged missile strikes this week. Israel's defence minister has threatened "crippling" attacks on Iran's energy infrastructure, the EU has formally joined the US-led sanctions campaign, and US Vice President JD Vance said Washington won't hold peace talks until Iran stops targeting ships in the Strait of Hormuz. What it means for you: Even with the federal gas tax break extended (see #4), pump prices track the price of crude itself. If your tank's getting low, filling up early this week may beat whatever the Strait of Hormuz situation does to prices by...
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Wall Street Slips as Nasdaq Leads Declines: Market Recap

 

Wall Street’s recent record-breaking rally hit a speed bump on Friday, with the S&P 500 and the Nasdaq both losing ground. High-flying chip stocks reversed their trajectory, and a labor market report added to the market’s caution.

Key Takeaways:

  1. S&P 500: The broad U.S. index slipped 0.65%, closing at 5,123.69 after touching intraday record highs.
  2. Nasdaq Composite: The tech-heavy Nasdaq bore the brunt, losing 188.26 points to settle at 16,085.11.
  3. Chip Stocks: The Philadelphia Semiconductor Index initially surged to an intraday record but later retreated, impacting the overall market sentiment. Nvidia, a prominent AI chip company, lost ground after a remarkable run, while Broadcom and Marvell Technology faced headwinds due to disappointing forecasts.
  4. Labor Market Data: U.S. job growth accelerated in February, with nonfarm payrolls adding 275,000 jobs (above the expected 200,000 rise). However, the unemployment rate unexpectedly rose to 3.9%, and wage growth slowed to 0.1% on a monthly basis.

Investors engaged in profit-taking, leading to the market’s pullback. Despite this, the general bias remains positive, with hopes that inflation will remain benign and the Federal Reserve will continue its accommodative stance. As we navigate the markets, vigilance toward economic indicators and global events remains critical.



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