It's a split-holiday Monday for global investors. While American traders step away from their screens for Memorial Day — leaving the NYSE and Nasdaq dark until Tuesday — the Toronto Stock Exchange is open for business, and markets across Asia are delivering some of the most dramatic moves of the year. Here's everything you need to know before the North American week kicks into full gear.
Canada — TSX Open While the US Rests
The S&P/TSX Composite Index closed Friday, May 22 at 34,471.36, up a modest 0.18%, as financials provided support heading into the long weekend. With Victoria Day already behind us (it fell on May 18 this year), the TSX is the only major North American exchange open today, which could translate into lighter-than-usual volumes as cross-border activity slows.
The loonie was last quoted near CAD/USD 0.7242, holding relatively steady as oil prices — a key driver of Canada's export revenues — remain in focus amid evolving Middle East negotiations. Watch for any early TSX movement to be influenced by the strong Asian session overnight rather than Wall Street cues.
United States — Holiday Pause After Another Record Week
US markets are closed today in observance of Memorial Day. Trading resumes Tuesday, May 26, at 9:30 a.m. ET.
Friday's session capped off an impressive run. The Dow Jones Industrial Average added 294 points (+0.58%) to close at a new all-time high of 50,579.70. The S&P 500 gained 0.37% to finish at 7,473.47, extending its winning streak to eight consecutive weeks — the longest such run since late 2023. The Nasdaq Composite added 0.19% to close at 26,343.97, marking its seventh weekly advance in eight weeks.
Adding to the optimism, UBS Global Wealth Management raised its 2026 year-end S&P 500 target to 7,900 (from 7,500), citing steady consumer spending and surging data-centre demand. The bank also lifted its 2026 earnings-per-share estimate to $335.
Tempering the mood: Treasury yields remain elevated, with 10-year yields near their highest levels in months as oil-driven inflation concerns persist. New Fed Chair Kevin Warsh, recently sworn in, will be navigating these cross-currents carefully. Investors will get fresh reads on inflation and growth this week when PCE price data and GDP figures are released, alongside earnings from Salesforce, Dell Technologies, and Zscaler.
Asia-Pacific — Records in Tokyo and Taipei
Asian markets surged Monday in a session that delivered headline-making moves across the region.
- Japan (Nikkei 225): Soared 2.87% to 65,158.19, hitting an intraday record high. The Topix added 1.29% to 3,942.57.
- Taiwan (Taiex): Rocketed 3.26% to 43,644.40, reaching an all-time high, driven by AI chip euphoria centred on TSMC and the broader semiconductor supply chain.
- Australia (ASX 200): Added 0.40% to 8,692.
- China (CSI 300): Gained 1.58% to 4,921.6, as China continues to benefit from recovering domestic sentiment and targeted fiscal stimulus.
- India (Nifty 50): Rose 1.09%, with pharma, energy and defence sectors leading despite broader index pressure.
- Hong Kong & South Korea: Markets closed for local public holidays.
The AI infrastructure boom — centred on Taiwan's TSMC and Japan's semiconductor ecosystem — is increasingly drawing global capital away from traditional tech hubs.
Europe — Eyes on Growth Forecasts
European markets were last closed Friday with a mixed-to-cautious tone. The region continues to digest a downgrade to eurozone growth projections: the European Commission now expects GDP to expand just 0.9% in 2026, down from 1.4% in 2025 and below its earlier 1.2% estimate, citing the ongoing energy shock from Middle East tensions. Eurozone inflation was revised upward to 3% for 2026, adding pressure on the ECB to balance growth support with price stability.
Key European indices — the DAX, FTSE 100, and CAC 40 — will reopen Monday as normal. Watch for early moves to track Asia's strong overnight lead, while geopolitical developments around Iran remain the key wildcard for energy-sensitive European equities.
Oil & Commodities
Crude oil tumbled sharply in Monday's Asian session on fresh signals of progress in US-Iran negotiations. WTI crude fell 4.71% to $92.06/barrel and Brent dropped 4.42% to $98.96/barrel in early trade — a significant pullback from last week's elevated levels (WTI had touched $98/barrel on Friday amid fears of a prolonged Strait of Hormuz disruption). US Secretary of State Marco Rubio noted "some progress" toward a deal, though significant differences remain.
Gold last traded at $4,523.20/oz USD (down slightly, -0.42% on Friday), and Bitcoin was near $76,524 USD, up approximately 1% over 24 hours.
Quick Snapshot — Key Numbers at a Glance
| Index / Asset | Last Level | Change | Note |
|---|
| S&P/TSX Composite | 34,471.36 | +0.18% | Fri close; open today |
| Dow Jones | 50,579.70 | +0.58% | Record high; US closed today |
| S&P 500 | 7,473.47 | +0.37% | 8-week winning streak |
| Nasdaq Composite | 26,343.97 | +0.19% | 7 of last 8 weeks up |
| Nikkei 225 | 65,158.19 | +2.87% | Intraday record |
| Taiwan Taiex | 43,644.40 | +3.26% | All-time high |
| WTI Crude | $92.06/bbl | −4.71% | Iran deal optimism |
| Brent Crude | $98.96/bbl | −4.42% | Falling on ceasefire hopes |
| Gold | $4,523.20/oz | −0.42% | Slight pullback |
| Bitcoin (USD) | ~$76,524 | +1.01% | Steady gains |
| CAD/USD | 0.7242 | +0.08% | Steady |
What to Watch This Week
- PCE Inflation (Friday): The Fed's preferred inflation gauge — a key input for rate expectations under new Chair Kevin Warsh.
- GDP & Personal Income/Spending: Fresh reads on whether the consumer is still holding up amid elevated oil prices.
- Earnings: Salesforce, Dell Technologies (already hit a record high on Friday), and Zscaler report. Dell and HP Inc. surged last week on AI demand tailwinds.
- Iran Negotiations: Any breakthrough — or breakdown — in US-Iran talks could swing oil prices sharply and ripple across global equity markets.
- TSX in Focus: With the US out today, Canadian investors should watch for light volume and potential volatility driven by energy sector moves as oil prices re-price the Iran narrative.
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