The latest round of rising oil prices is starting to wear down red-hot stock markets. The Nasdaq (QQQ) dropped 1.27% to kick off September 2026 stock markets. AMD (AMD), Micron Technology (MU), Tesla (TSLA), Oracle (ORCL), and Palantir (PLTR) led the decline.
Investors fled to safety, buying Apple (AAPL) shares. The stock gained 2.61% on Tuesday amid Tim Cook's retirement. John Ternus, who has a strong hardware design background, is now Apple’s CEO.
WTI crude closed at $91.01, while Brent crude traded at a higher price of $95.45. WTI crude prices will keep gas prices high. With a “forever war” or a stalemate between the U.S. and Iran, consumers might need to get used to those pump prices. Iran wants to pressure U.S. consumers through November. The Iranian regime wants the GOP to lose in the midterms.
Canada’s trade negotiations with the U.S. paused. The country’s Prime Minister, Mark Carney, believed a mutually beneficial trade deal is possible. However, discussions will not restart while Trump administration officials throw insults at Canada. Renaming Lake Ontario to Lake America, insults about Canada’s armed forces, and Treasury Secretary Bessent’s comments are some of the examples.
iShares MSCI Canada ETF (EWC) fell by 3.26% in the last week to close at $60.60. The currency ETF (FXC) fell by 0.39%, losing almost $1.00 to close at $70.36.
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