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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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Canada and U.S. Commit to Strategic Economic and Security Talks

In a significant development, Canada and the United States have agreed to initiate comprehensive discussions aimed at redefining their economic and security relationship. This announcement follows a constructive phone call between Canadian Prime Minister Mark Carney and U.S. President Donald Trump. The talks are set to commence immediately after Canada's federal election on April 28.

Prime Minister Carney emphasized the importance of these negotiations, stating that they will focus on enhancing trade, security measures, and mutual cooperation. President Trump echoed these sentiments, describing the dialogue as "extremely productive" and expressing optimism about the future of bilateral relations.

The discussions will address pressing issues, including retaliatory tariffs and the modernization of trade agreements. Both leaders have pledged to prioritize the interests of their respective nations while fostering a collaborative approach to shared challenges.

This move marks a pivotal moment in Canada-U.S. relations, signaling a commitment to adapt to evolving global dynamics and strengthen their partnership for the years ahead.

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