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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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Ontario Braces for Ice Storm: Power Outages and Travel Disruptions Expected


Ontario is facing a significant ice storm this weekend, with freezing rain, snow, and ice pellets creating hazardous conditions across the province. The storm is expected to arrive in two waves, bringing prolonged freezing rain and heavy snow to many areas.

The first wave began Friday evening and will last into Saturday morning, while the second wave is set to arrive Saturday night and continue into Monday. Communities from cottage country to eastern Ontario are likely to experience ice accretion of up to 20 mm, leading to slippery roads, tree damage, and potential power outages. Northeastern Ontario could see snowfall accumulations of up to 40 cm, further complicating travel.

Residents are advised to stay home if possible, keep devices charged, and prepare for localized power outages. Emergency Management Ontario recommends postponing non-essential travel and staying informed through local weather alerts.


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