Markets at a Glance – June 9, 2026
Global markets are starting Tuesday on a cautiously optimistic note. The TSX is building on Monday's gains, U.S. futures are pointing higher across the board, and energy stocks continue to find support from elevated oil prices. But the biggest Canadian story arrives tomorrow: the Bank of Canada's interest rate decision on June 10 is front of mind for investors, mortgage holders, and anyone keeping an eye on the loonie.
🇨🇦 Canada – TSX Composite
The S&P/TSX Composite Index closed Monday at approximately 34,479, recovering solidly after Friday's sharp pullback. Eight of ten TSX sectors finished in positive territory, led by energy (+2.3%) and materials (+0.9%) as oil prices rebounded and geopolitical tensions showed early signs of de-escalation. Mining names including K92 Mining and Ivanhoe Mines were among the notable gainers. The index is now up roughly +8.7% year-to-date — second only to Japan's Nikkei among major global benchmarks.
Tuesday's session opens with resource stocks in the spotlight ahead of the Bank of Canada announcement. Analysts broadly expect the BoC to hold its overnight rate steady, though markets have priced in a modest probability of a hike later in the year given persistent inflation pressures and a surprisingly strong May jobs report.
What it means for you: If you're renewing a mortgage or holding variable-rate debt, tomorrow's announcement matters. A hold keeps payments stable for now — but traders are watching Wednesday's CPI data for clues about what comes next.
🇺🇸 United States – S&P 500, Nasdaq, Dow Jones
U.S. equities staged a partial recovery on Monday after last Friday's brutal selloff — the Nasdaq's worst single-day drop since April 2025, when chip stocks shed more than 4% in one session. Here's where U.S. markets closed Monday, June 8:
- S&P 500: 7,405.73 (+0.30%)
- Nasdaq Composite: 25,929.66 (+0.86%)
- Dow Jones Industrial Average: 50,786.01 (−0.16%)
Chip stocks led the rebound — Micron Technology surged roughly 8.6% after plunging 13% on Friday, while Marvell Technology popped nearly 12% on news it will join the S&P 500 index. On Tuesday morning, U.S. futures are pointing higher again, buoyed by cautious optimism around a potential U.S.–Iran ceasefire deal. President Trump stated a deal could be reached within "two or three days."
The Fed is expected to hold rates at its June meeting — markets are currently pricing a 98%+ probability of no change — but the strong May payroll report has pushed December rate hike odds to roughly 70%.
What it means for you: The semiconductor rebound is a positive sign, but the underlying uncertainty around Middle East conflict and Fed policy hasn't gone away. Wednesday's U.S. CPI print will be closely watched.
🌍 Europe & Asia-Pacific
Europe closed Monday's session mixed to modestly lower. The FTSE 100 edged up +0.05% to 10,373, while Germany's DAX slipped −0.58% to 24,616 and France's CAC 40 fell −0.23% to 8,199. Persistent Middle East concerns and elevated energy costs weighed on European sentiment.
In Asia-Pacific, Japan's Nikkei 225 fell sharply — down −3.85% to 64,024 — in sympathy with Friday's U.S. tech selloff. Hong Kong's Hang Seng also retreated, dropping −1.22% to 24,657. Despite recent turbulence, the Nikkei remains the world's best-performing major index year-to-date at +27.2%.
🛢️ Oil – WTI Crude
WTI crude oil is trading near ~$93 USD/barrel as of Tuesday morning. Prices jumped more than 4% on Monday after Iran and Israel exchanged missile strikes, raising new concerns about the durability of the ceasefire and the continued near-closure of the Strait of Hormuz. OPEC+ has approved a modest increase in July production quotas of 188,000 barrels per day, though supply disruptions from the Gulf continue to underpin prices. WTI's 52-week range now sits between roughly $55 and $117 — a reflection of just how volatile the energy market has become in 2026.
What it means for you: Elevated oil prices feed directly into gas prices and overall inflation. Keep this in mind when budgeting for transportation costs heading into summer.
🥇 Gold
Gold is hovering around ~$4,330 USD/oz after touching its lowest level since March earlier this week. Bullion has been under pressure from a combination of stronger-than-expected U.S. jobs data — which increases the odds of a Fed rate hike — and a stronger U.S. dollar. The precious metal had previously been a key safe-haven beneficiary of Middle East tensions, but a partial de-escalation has softened demand. Investors are now watching Wednesday's CPI for direction.
💱 Canadian Dollar (CAD/USD)
The loonie is trading around 1 USD = ~$1.3949 CAD (approximately 71.7 cents USD), near the weaker end of its recent range. The Canadian dollar has lost ground against the greenback since late May, reflecting a stronger U.S. dollar following the robust May payroll report on both sides of the border. Canada's own strong employment gain of 88,000 jobs in May provided some partial support, but the loonie remains sensitive to tomorrow's BoC decision and broader risk sentiment.
What it means for you: A weaker loonie makes U.S. purchases, travel, and imports more expensive. If you're planning any cross-border spending this summer, locking in exchange rates sooner rather than later may be worth considering.
📌 Key Things to Watch This Week
- June 10 – Bank of Canada Rate Decision: A hold is widely expected, but the statement and press conference language will be closely parsed for signals about future moves.
- June 11 – U.S. CPI (Consumer Price Index): Will inflation data push the Fed closer to a December rate hike?
- June 11 – FIFA World Cup Kickoff (U.S.): Tourism and consumer spending data in the weeks ahead will reflect the economic boost — or bust — of hosting the world's biggest sporting event.
- Ongoing – U.S.–Iran Ceasefire Negotiations: Any deal or breakdown will immediately move oil prices and Canadian energy stocks.
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