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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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Market Jitters: Wall Street Futures Decline Amid Trump’s Tariff Escalation

Wall Street futures dipped on Monday following President Donald Trump's announcement to double tariffs on imported steel and aluminum to 50% from 25%, effective Wednesday. The move has reignited concerns over trade volatility, particularly as Trump accused China of violating a prior agreement.

The tariff increase is expected to deepen the ongoing trade war, dampening investor sentiment. Dow E-minis fell 0.52%, S&P 500 E-minis dropped 0.57%, and Nasdaq 100 E-minis declined 0.73% in premarket trading. Meanwhile, U.S. steel companies saw a surge in stock prices, with Cleveland-Cliffs jumping 26.2%, Nucor rising 14.1%, and Steel Dynamics climbing 13.4%.

Market analysts warn that the uncertainty surrounding trade policies could persist, affecting global economic stability. Investors are now closely watching Federal Reserve Chair Jerome Powell’s remarks later in the day, as well as upcoming economic data releases, including the S&P Global U.S. manufacturing PMI and ISM Manufacturing index.

With heightened tariff tensions and fluctuating market conditions, traders remain cautious as they navigate the evolving economic landscape.

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