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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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Snowfall Siege: Ontario Grapples with Record Snow Squalls


Ontario is currently experiencing a severe snow squall event, with some areas expected to see snowfall totals exceeding 100 cm by the end of the weekend. The powerful lake-effect snow has already blanketed Bracebridge with 55 cm of snow as of Friday evening.

The multi-day event, which began on Thursday, is predicted to continue through Sunday, bringing heavy snowfall rates of 5-10 cm per hour. Environment and Climate Change Canada has issued snow squall warnings, urging residents to prepare for rapidly changing and deteriorating travel conditions.

Communities from Kincardine to Dundalk and Parry Sound to Barrie are expected to be hit hardest, with potential whiteout conditions and near-zero visibility. Sault Ste. Marie is also bracing for significant snowfall, with accumulations of 30-50 cm anticipated.

While the snowfall is a boon for Ontario's ski resorts, it poses challenges for drivers and travelers. Authorities advise caution and staying updated on road conditions.




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