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Markets Update — Friday, June 26, 2026: Global Tech Sell-Off Rattles Markets as TSX Holds Firm

  Friday, June 26, 2026 — Reporting on confirmed June 25 closing data. Asian and European figures reflect Friday session activity. 🇨🇦 Canada — TSX The S&P/TSX Composite Index closed Thursday at 34,850 , up 0.3% on the day — a relatively resilient showing while Wall Street struggled with a tech-driven selloff. Gains in the financial and mining sectors carried the index. The big Canadian banks were a bright spot: TD Bank added 0.9%, Royal Bank gained 0.4%, and BMO rose 0.9%. On the mining side, Agnico Eagle gained 1.7% as gold prices held near the $4,000 level. Technology names were the drag. Shopify fell 2.6%, Constellation Software lost 3.6%, and Celestica shed 0.7%, tracking the broader global selloff in tech stocks. Still, with Canadian tech making up a far smaller portion of the TSX than it does on U.S. indices, the damage was contained. Investors also parsed Thursday's Bank of Canada Summary of Deliberations, which confirmed policymakers are keeping monetary policy flexi...
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CN Rail and CPKC Lock Out Workers Amid Labor Talks Deadlock

 


Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) have taken the drastic step of locking out workers, effectively shutting down Canada’s extensive freight rail network. The move comes after unsuccessful negotiations with the major labor union, Teamsters Canada. These negotiations have been ongoing since the expiration of contracts in December 2023.

The lockout has halted the movement of critical commodities such as grain, potash, and coal across the country. Here’s a timeline of the events leading up to this labor impasse:

  • December 31: Contracts covering locomotive engineers, conductors, and yard workers at CN and CPKC expire.
  • May 10: The Canadian government intervenes to delay a possible strike by railway workers.
  • May 23: Talks hit a deadlock, with predictions that a legal strike or lockout would not likely occur before mid-July.
  • August 22: CN and CPKC shut down their rail networks, affecting nearly 10,000 workers.

This unprecedented action underscores the severity of the labor dispute and its impact on Canada’s transportation infrastructure. As negotiations remain deadlocked, the ripple effects on the economy and supply chains are likely to be significant.

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