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5 Things to Know Today: Canada Enters Recession, Oil Slips on Iran Ceasefire Talk

Saturday, May 30, 2026 — Your quick-hit Canadian financial briefing for the day. 1.Canada Officially Meets the Definition of a Technical Recession Statistics Canada confirmed Friday that real GDP contracted 0.1% on an annualized basis in Q1 2026 — following a revised 1.0% drop in Q4 2025 . That's two straight quarters of negative growth, which meets the technical definition of a recession. The miss was a big one: economists had forecast growth of 1.5% . The main culprits were a surge in imports (up 2.9%, largely gold), declining business capital investment (down 0.7% — its fifth consecutive quarterly drop ), and weakness in resource extraction and construction. On a per-capita basis, GDP actually edged up 0.2% as Canada's population shrank for the second quarter in a row. Not everyone is ready to call it a full recession: some economists note that three of the four weak months were isolated, and early April data points to a sharp 0.4% rebound . Still, the numbers ...
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Nasdaq Slips While Dow and S&P 500 Hold Steady Amid Weekly Gains

 

The Nasdaq Composite retreated on Friday, ending a recent rally, while the Dow Jones Industrial Average and the S&P 500 managed to hold steady, positioning for modest weekly gains. Investors appeared cautious as they weighed economic data and Federal Reserve commentary on interest rate policies.

The Nasdaq dropped 0.6%, driven by a pullback in technology and growth stocks. Meanwhile, the Dow eked out a slight gain of 0.1%, buoyed by strong performances from industrial and financial sectors. The S&P 500 remained flat, balancing gains in consumer staples and utilities against losses in tech.

Market sentiment was mixed following the release of Federal Reserve meeting minutes earlier in the week, which hinted at a potential pause in rate hikes but left the door open for future increases depending on economic conditions.

Earnings reports and consumer spending data also contributed to the market’s dynamics, with investors keeping a close eye on holiday retail trends as the season approaches.

As the trading week closes, all three major indices remain on track for modest weekly gains, reflecting resilience despite ongoing uncertainties in the economic outlook.


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