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Daily Markets Update – June 19, 2026: U.S. Markets Dark for Juneteenth as TSX Slips and the Iran Deal Sends Oil Tumbling

  Friday is a quiet one south of the border — U.S. equity and bond markets are fully closed today in observance of Juneteenth , a federal holiday. With Wall Street dark, global attention has shifted to how markets everywhere else are digesting two big developments: the Federal Reserve's hawkish rate-hold this week and a landmark U.S.–Iran interim peace agreement that is now reshaping the energy outlook in real time. Canadian investors are not off the hook — the TSX is open and closed Thursday's session in the red, weighed down by sinking oil and mining stocks. At a Glance — Thursday Close / Friday as of Writing S&P/TSX Composite 34,969  ▼  ‑0.44% S&P 500 (Thu. close) ~7,501  ▲  +1.08% Nasdaq (Thu. close) 26,518  ▲  +1.91% Dow Jones (Thu. close) 51,565  ▲  +0.14% WTI Crude Oil ~US$77/bbl  ▼  ‑38% from Apr. high Gold (spot) ~US$4,178/oz  ▼  Pulling back CAD/USD ~0.714  (USD/CAD ~1.400) Nikkei 225 (Fri. close) ...
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Liberals and NDP Push GST Holiday Bill Through House of Commons


The House of Commons has passed legislation that will remove the federal sales tax for two months from a range of items, including children's toys, books, restaurant meals, and takeout, as well as beer and wine.

As expected, the NDP helped the minority Liberals push the exemption through Thursday night. The Conservatives voted against the bill, calling the measure a "temporary two-month tax trick," as did the Bloc Québécois. The bill, which the Liberals and NDP agreed to fast-track through the usual procedural steps, now goes to the Senate. Once passed, the legislation will provide a GST rebate beginning Dec. 14 and lasting until Feb. 15, 2025.

The Liberals originally pitched the tax holiday along with a plan to send $250 cheques to the 18.7 million people in Canada who worked in 2023 and earned $150,000 or less. However, some Canadians have raised concerns about being excluded from the millions who would receive those cheques. The NDP threatened to withhold support for the entire package if the government didn't split the promises into two pieces of legislation. The Liberals did not include the cheques measure in the bill the House of Commons passed Thursday night. It is unclear when they might present that legislation.

NDP Leader Jagmeet Singh said in a media statement on Wednesday that his party will support the cheque measure later if the Liberals expand it to include more Canadians, "including seniors, people with disabilities and injured workers". Prime Minister Justin Trudeau has billed the tax holiday as an affordability measure aimed at alleviating cost-of-living pressures. Some economists have cautioned that the measure could have inflationary consequences later this spring.

Conservative Leader Pierre Poilievre said the government should instead adopt his policy suggestions by scrapping the carbon tax and removing the GST from new homes sold for under $1 million. "My tax cuts are not just about lowering costs. They're about sparking more production," he said.



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