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Oil's Biggest Jump Since 2020 Drags TSX and Wall Street Lower — Markets Update

  Oil's Biggest Jump Since 2020 Drags TSX and Wall Street Lower as Hormuz Tensions Flare — Tuesday, July 14, 2026 All figures below reflect confirmed closing prices from Monday, July 13, 2026. Markets are open today, Tuesday, July 14. The bottom line: Oil prices posted their biggest one-day jump since 2020 after President Trump said the U.S. would reinstate a naval blockade on Iranian shipping through the Strait of Hormuz and charge a 20% toll on cargo passing through it. The TSX slipped despite a strong tailwind from energy stocks, while Wall Street fell harder on renewed AI/chip stock weakness. Gold slid as investors priced in a more hawkish Fed. All eyes now turn to today's U.S. inflation report and tomorrow's Bank of Canada rate decision. 🇨🇦 Canadian Markets S&P/TSX Composite 35,252.72 -52.59 (-0.15%) CAD/USD $0.71 US Essentially unchanged The TSX Composite closed lower Monday, falling 0.15% to 35,252.72, as weakness in materials, consumer discretionary and finan...
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Mexico Threatens Retaliation Over Proposed Tariffs, Warns of Job Losses


Mexican President Claudia Sheinbaum has issued a stern warning against the proposed 25% tariffs by U.S. President-elect Donald Trump, stating that such measures could result in the loss of 400,000 U.S. jobs and increased prices for American consumers. Sheinbaum emphasized that Mexico would respond with reciprocal tariffs if the U.S. proceeds with the plan.

During a press conference, Sheinbaum highlighted the potential impact on the automotive sector, noting that nearly 90% of pickup trucks sold in the U.S. are manufactured in Mexico. Economy Minister Marcelo Ebrard echoed these concerns, calling the proposed tariffs a "shot in the foot" that would harm both U.S. workers and companies.

The Mexican government has also expressed confidence that the U.S.-Mexico-Canada Agreement (USMCA) would protect their trade interests. Sheinbaum and Trump discussed the issue in a recent phone call, with Trump claiming that Sheinbaum agreed to address migration and drug smuggling.

The situation remains tense as both countries navigate the complexities of trade relations and the potential economic fallout of the proposed tariffs.




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