Canadian Money Brief – June 1, 2026: Markets Kick Off June on a High Note

 

Markets Kick Off June on a High Note

A strong finish to May carries momentum into the first trading session of June, with tech leading the charge and a major Berkshire deal grabbing headlines.

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At a Glance — Friday May 29 Close (Most Recent Confirmed)

Index / Asset	Level	Change
S&P/TSX Composite	34,769	+0.73%
S&P 500	7,580	+0.22%
Dow Jones	51,032	+0.72%
Nasdaq Composite	26,973	+0.20%
CAD/USD	0.7249	–0.06%
WTI Crude Oil	US$87.36/bbl	–1.73%
Gold	US$4,574/oz	–0.42%

Sources: Yahoo Finance, Trading Economics. Closing data as of May 29, 2026. June 1 intraday data referenced in body.

May Goes Out on a High

North American markets wrapped up May in fine form. All three major U.S. indexes — the S&P 500, the Dow, and the Nasdaq — finished Friday at record closing highs, capping a month that saw the tech-heavy Nasdaq surge roughly 8% and the S&P 500 gain around 5%. The TSX also had a solid run, closing above the 34,700 mark on Friday, supported by a rebound in financials and a boost from gold miners.

The strong May close was underpinned by a 60-day memorandum of understanding between the U.S. and Iran to extend their ceasefire — a deal that helped lift energy-sector volatility and ease concerns about supply disruptions in the Strait of Hormuz. The TSX's energy sub-index, however, gave back some ground Friday as crude oil softened, with WTI settling around US$87/barrel.

June Opens: Nvidia and Tech Lead the Way

Monday's opening tone was optimistic. Dow futures climbed over 250 points in pre-market trading as investors looked to carry May's momentum forward. The catalyst? Nvidia. CEO Jensen Huang delivered a keynote at Computex 2026 in Taipei unveiling the company's first-ever PC processors — developed alongside Microsoft — that bring on-device AI capabilities to laptops. Nvidia shares climbed more than 2% in premarket, with Dell Technologies and HP Inc. also trading higher on the news. Intel, meanwhile, fell more than 6% as it faces fresh competition in a market it has long dominated.

For Canadian investors, the Shopify and Celestica trades are worth watching: Shopify gained 3.8% and Celestica surged 10.2% in last Friday's TSX session, riding the broader AI hardware and tech enthusiasm. The S&P/TSX Capped Energy Index slipped 1.16% Friday, however, a reminder that Canada's resource-heavy index can pull in different directions.

Berkshire's First Big Deal Under Greg Abel

In a significant deal announced over the weekend, Berkshire Hathaway agreed to acquire U.S. homebuilder Taylor Morrison in an all-cash transaction valued at approximately $8.5 billion (US). The offer of $72.50 per share represents a 24% premium to Friday's close — Taylor Morrison shares jumped about 22–23% in premarket Monday. This marks the first major acquisition under CEO Greg Abel, who took over from Warren Buffett at the start of 2026. Berkshire is sitting on a cash hoard of roughly $381 billion, and this deal signals Abel is ready to deploy it. The transaction is expected to close in the second half of 2026.

For Canadian investors, the Berkshire move is notable context: it reinforces conviction in the North American housing sector at a time when Canadian real estate is also finding its footing amid shifting Bank of Canada rate expectations.

Global Markets: Asia Mixed, Europe Cautious

Asian markets opened the week on a mixed but mostly positive note. Japan's Nikkei 225 rose 0.91% to close around 66,934, while South Korea's Kospi surged 3.68% to a record closing high on Monday, driven by a massive rally in Samsung Electronics shares (up over 10%). Australia's S&P/ASX 200 was largely flat.

In Europe, markets were mixed on Friday. The FTSE 100 edged down 0.16% to 10,409, Germany's DAX was nearly flat at 25,105, and France's CAC 40 lost a marginal 0.07%. The Euro Stoxx 50 was essentially unchanged. European investors remain cautious around geopolitical developments and await clearer direction on U.S. trade policy.

The Loonie and What It Means for You

The Canadian dollar is trading around 72.49 cents US — slightly softer as commodity prices ease. A weaker loonie means Canadians pay more for imported goods, including electronics, vehicles, and many groceries. It also makes Canadian exports more competitive. If you're planning a trip to the U.S. or a big cross-border purchase, the current exchange rate is a factor worth watching closely.

What to Watch This Week

A few things on the radar for Canadian investors:

• Bank of Canada Rate Decision (June 10): Markets are widely expecting the BoC to hold rates steady. Lower inflation data and the easing of Middle East tensions have reduced pressure to move — good news for variable-rate mortgage holders.
• U.S. Nonfarm Payrolls (Friday, June 5): The closely watched jobs report will signal whether the U.S. Federal Reserve has room to cut rates later this year. Strong job numbers could push bond yields higher and weigh on rate-sensitive stocks.
• Computex 2026 (June 2–5, Taipei): Major tech announcements are expected beyond Nvidia — watch for AI hardware news that could move semiconductor-linked names on both the TSX and Nasdaq.
• Oil and the Iran Situation: The 60-day U.S.-Iran ceasefire extension remains a live variable for energy stocks and Canadian producers. Any breakdown in talks could send crude sharply higher.