5 Things to Know Today: Oil Tops $100, Tariffs Take Effect, TSX Slides — Sept 9

 

September 9, 2026

Here's what's moving markets and your wallet today — from a fresh oil shock to a stock that just had its worst week in months.

1. Oil Tops $100 a Barrel for the First Time Since July

Brent crude broke back above $100 a barrel overnight after Houthi drones and missiles struck Saudi Aramco energy facilities in Jazan, Abha and Najran, wounding more than 70 people and halting operations at several sites. The attacks followed U.S. strikes on Iranian oil tankers over the weekend, deepening a Middle East conflict now in its seventh month.

What it means for you: Ottawa's fuel excise tax pause (extended to Jan. 31, 2027) is holding, but it can't offset a rising crude price — CAA's national average sits at 179.9¢/L today, up from 170.5¢/L just five weeks ago. If your tank is low, fill it before this keeps climbing.

2. TSX Slides for a Second Straight Day

The S&P/TSX Composite closed Tuesday at 36,123.05, down 390.75 points (-1.07%), its second consecutive decline. Futures were soft again Wednesday morning as traders weighed whether $100 oil will reignite inflation just as central banks were easing off rate-hike talk.

What it means for you: The index is still above its 50- and 200-day averages, so this reads as a pullback, not a rout. But if oil-driven inflation sticks around, it complicates the Bank of Canada's next move — worth watching if you're near a mortgage renewal.

3. Shopify Drops Nearly 7%, Its Worst Day Since May

Shopify shares fell close to 7% Tuesday with no new operating news out of the company — a broad rotation away from richly valued growth stocks made it the single biggest drag on the Toronto exchange's tech group and pushed the stock to a one-month low.

What it means for you: If Shopify sits in your TFSA or RRSP — it's one of the TSX's largest weights — this looks like a valuation reset rather than a business problem (revenue is still growing around 30%). Expect more volatility on high-multiple names while rate and inflation questions stay unsettled.

4. Canada's $27.6B Retaliation Tariffs Are Now in Effect

Tuesday marked day one of Canada's retaliation tariffs on roughly 600-700 U.S. products, hitting steel, aluminum, furniture and clothing at 50%, with dairy, appliances, agricultural equipment and electronics also covered at 15-50% depending on category. Goods already in transit were excluded, and Ottawa paired the move with a $7.5 billion support package for affected businesses.

What it means for you: Don't expect prices to jump overnight — retailers work through existing inventory first. Based on the Bank of Canada's research on the 2025 round of tariffs, expect price increases in the 6% range on tariffed goods to show up gradually over the coming weeks, not all at once.

5. Mark Your Calendar: Next Week's Big Wallet Dates

A busy stretch is coming: the ECB's rate decision lands Thursday, U.S. CPI follows Friday, and then Canada gets its first post-tariff inflation read when August CPI is released Monday, September 14 — the same weekend Toronto hosts the Canada Investment Summit, where Ottawa and pension giants CPP and PSP are targeting $1 trillion in investment over five years.

What it means for you: Monday's CPI print is the one to watch — it's the first chance to see whether the new tariffs and $100 oil are actually showing up in what Canadians pay, and it'll shape whether the Bank of Canada leans toward a rate hike this fall.

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This article is for informational purposes only and does not constitute financial advice. Figures are accurate as of publication and subject to change. Data cross-verified across CAA, CBC, BNN Bloomberg, Investing.com and company filings.