Stock Market Today: Dow, S&P 500 Futures Dip After Wall Street Breaks Winning Streak
President Trump is slated to meet with Canadian Prime Minister Mark Carney in Washington today.
Also in focus is the Federal Reserve's policy meeting, which starts this afternoon. While the central bank is expected to hold off on cutting interest rates, comments from Fed Chair Jerome Powell will be scoured for clues as to how the bank might balance the risk of inflation pressure from tariffs or shortages, versus the chance of an economic slowdown.
One drag on shares this week: Trump's comments over the weekend calling for 100% tariffs on movies made overseas. That weighed on entertainment-company stocks Monday, and piqued further concerns about the direction of Trump's trade policy.
Elsewhere in markets:
Benchmark Treasury yields edged higher, after settling Monday at 4.34%.
The Taiwan dollar weakened against the greenback after hitting a multiyear high Monday. Taiwan's central bank denied speculation yesterday the U.S. had asked the island to boost its currency.
Gold futures extended Monday's rise, topping $3,370 a troy ounce.
🎧 Listen to WSJ Minute Briefing's audio summary of Monday's market moves.
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Afghan Canadian fears mother may be sent back into Taliban's hands after they nearly killed her
An Afghan Canadian man is calling on the federal government to speed up the refugee sponsorship process for his mother, who fled Afghanistan after she was beaten by the Taliban and is now hiding in Tajikistan to avoid deportation back to Kabul. Noorullah Hakemi, who lives in Ottawa and came to Canada in 2019, said his mother, Bibi Khatoon Yaqoubi, 57, remains in danger because the authoritarian government in Tajikistan has ordered the deportation of Afghan refugees. "She is living in a good condition for now from the health perspective, but it's not a good condition from the safety perspective," Hakemi told CBC News. He served as an adviser in the Afghan government before the Taliban took power. "There is huge human rights violation [in Tajikistan]. They're arresting people, they're beating people, they're torturing people," said Hakemi. English-language media reports from the region in June said that authorities in Tajikistan had launched sweeping immigration raids targeting Afghan refugees. Rafi Ferdous, a founding member of the Afghanistan-Canada Council, said an estimated 3,000 Afghan refugees in Tajikistan were awaiting the processing of their sponsored refugee cases to come to Canada. He said Ottawa needs to prioritize these cases. "We want the government [of Canada] to process the cases waiting in Tajikistan," said Ferdous. Ottawa trying to 'protect' refugees destined for Canada Canada allows community groups, organizations, corporations and groups of citizens to bring in refugees through a sponsorship program. Under the program, sponsors are responsible for providing refugees with living and financial support, and help them find work and arrange for schooling. Throughout the late 1990s and into the early 2000s, Tajikistan was one of the main corridors Afghan refugees used to travel to Canada. The country has traditionally been hostile toward the Taliban, said Ferdous. "They [the Tajikistan government] changed their behaviour …and this is new and this is kind of strange," he said. Immigration, Refugees and Citizenship Canada said in an emailed statement to CBC News that it was "deeply concerned about reports" of Afghan refugee deportations by Tajikistan authorities. The statement said the government was working with the International Organization for Migration and the United Nations High Commissioner for Refugees (UNHCR) to liaise with authorities in Tajikistan to "protect and support Afghans destined for resettlement in Canada." WATCH | Canada denies permit for Afghan refugee facing deportation from U.S.: Global Affairs Canada said in an emailed statement that Canada does not recognize the Taliban as the legitimate government of Afghanistan and that the group remains listed as a terrorist entity. The statement said Canada was monitoring the treatment of Afghan refugees in Tajikistan, as well as in Pakistan and Iran. Helen Thibault, an associate professor of political science at Nazarbayev University in Astana, Kazakhstan, said there may be several factors behind the Tajikistan's government decision to send Afghan refugees back into the arms of a Taliban government they have historically opposed. Thibault said Tajikistan may be following the lead of Russia, which has recognized the Taliban as Afghanistan's legitimate rulers. "Whenever Russia does something, Tajikistan is one of the first countries of Central Asia to follow," she said. 'Copycat effect' The Tajikistan government may also be feeling a strain on resources from hosting about 10,000 Afghan refugees in a small country, she said. The majority of refugees are in the poorer, more rural southern region that borders Afghanistan, said Thibeault. "It could be that Tajikistan is seeing what is happening in the U.S. and says, 'Oh, well, you know, this is an acceptable practice now. We can deport anybody that is allegedly violating our migration laws.' It's like a copycat effect," she said. For Hakemi, the motives don't change the fear he faces every day knowing his mother could be grabbed and deported back to a country under a regime that nearly took her life. "Of course I'm afraid, she is not where she is supposed to be," he said. 'Where she is living is not stable. If she goes back to Afghanistan, I don't know what will happen with the Taliban there." Hakemi said his mother's sponsorship was arranged through an Afghan women's immigration group in Toronto. He said his mother fled to Tajikistan in December 2024 after recovering from a beating at the hands of Taliban officials that left her with two fractured legs and a fractured left hand, along with other injuries, according to a report submitted to Canadian immigration officials that included medical records and photographs. She was dragged into the street, whipped and beaten in front of a crowd during Aug. 15, 2024, celebrations marking the Taliban's return to power, according to the report. "There were two other women. I told them that the Taliban are murderers and all that," said Yaquobi in an audio statement she recorded for CBC News describing her ordeal. "Those women told the Taliban what I said. The Taliban pulled me out of the car and beat me. I was unconscious and ended up in the hospital … When I regained consciousness, I realized my arms and legs were broken." Yaquobi's case has been filed with the office of Richard Bennett, the UN's special rapporteur on the situation of human rights in Afghanistan. Bennett's office did not respond to a CBC request for comment.
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Scrapping youth transit pass 'shameful,' says group behind email campaign
Nearly 800 people have sent emails calling on OC Transpo to rescind a decision to scrap the youth monthly transit pass, according to a progressive advocacy group that's launched a campaign against the decision. In a memo late last month, the city announced that — as of Sept. 1 — the pass would be eliminated, part of cost-cutting measures to reduce the $120-million deficit in the 2025 budget. It currently costs $104 a month, compared to $135 for an adult pass. Horizon Ottawa launched its campaign on Thursday, saying the decision would result in Ottawa's youth paying some of the highest fares in the country and would diverge from policies of other big Canadian cities where youth discounts are common. "It's shameful that now youth are having to pay as much as an adult," Horizon Ottawa board member Sam Hersh told Radio-Canada. "The fact that close to 800 people have already sent emails signifies that people aren't just frustrated with this particular policy, but they're frustrated in general with the transit system." The root cause of the deficit, Hersh said, is "decades of cuts" to transit funding. "We need to start investing in our transit system, not cutting it." In a statement to Radio-Canada, the city said provincially funded school boards purchase about 92 per cent of all monthly youth passes, an average of 19,100 a month. Those students would continue receiving a monthly pass from their school at no cost, the city said. About 1,700 customers who purchased the youth pass themselves would no longer be able to do so, the statement said. But student transit passes purchased by school boards aren't available in the summer months or for students who live too close to their school, said Laura Shantz, a public transport advocate. "That would be the situation for my family," she told Radio-Canada. "We'll start to rethink whether my child needs a bus pass the entire school year or only the months where it's not pleasant to walk or bike or get to school in other ways." The additional $30 a month for an adult monthly pass is a lot for some families, she added. Pass likely won't be saved, says councillor "We acknowledge that this change may result in increased costs for some families who are ineligible to receive a student transit pass from their school," said David Jones, the team lead for transit media relations, in the city's statement. Other options remain available, he said, including the EquiPass, a discounted monthly transit pass and single-ride fare option for low income families. Horizon Ottawa's campaign is unlikely to cause the city to reverse its decision, according to Alta Vista Coun. Marty Carr. "I haven't had the chance to speak to my colleagues or to OC Transport staff to see if there's any opportunity to change it before September, I would suspect no," said Carr, who sits on the transit committee. "But it is something that I think many people around the council table want to make sure that we look after in our upcoming discussions of budget 2026."
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Sour news for pickle lovers: Bick's pickles no longer stocked at some Canadian retailers
It's kind of a big dill. Popular pickle brand Bick's, which is made only for the Canadian market, is no longer on the shelves of some Canadian retailers, a consequence of the ongoing trade war between Canada and the United States. While it's a jarring change for many shoppers, it may push consumers to buy more homegrown options and there could be other ripple effects that affect Canadian jobs and businesses. At several Safeway grocery stores in Edmonton, a sign on the shelf reads "Bick's pickles are currently unavailable as an unfortunate impact of tariffs. We are pleased to offer a selection of alternatives for your shopping convenience." Parent company Sobeys did not respond to several requests for comment. Pickles caught in tariff war "We're sad to hear that Bick's is embroiled in this tariff dispute," said Steven Oakland, the CEO of TreeHouse Foods Inc., which owns the Bick's brand. After the U.S. slapped tariffs on Canadian goods in March, the Canadian government retaliated with a long list of counter tariffs, among them a 25 per cent tariff on "cucumbers and gherkins." "I think a lot of retailers feel that 25 per cent tariff makes them just too expensive frankly," Oakland said, adding that retailers started reaching out to him with cost concerns at the start of the trade war. "The food business is a low-margin, high-volume business. And so there isn't 25 per cent either on the retailer side or the manufacturing side. So that has, in some cases, really inhibited the retailers' availability to justify carrying them." Oakland estimates that Bick's is still available in 70 per cent of the Canadian retail environment but said the company has been doing outreach to try and change the Canadian counter tariff, including reaching out to the governor of Illinois. 'An intertwined business' Bick's began as a Canadian company, was later acquired by a U.S. company and production was moved south of the border around 2014, Oakland said. However, the ties between the two countries have stayed strong. "We continued to prioritize Canadian cucumbers for that product. [It's] why we went to a Canadian lid supplier… It's just been an intertwined business and now we've got a border dispute that just makes that transfer back and forth across the border expensive," he said. While the pickles are assembled in Green Bay, Wis., Oakland said the company buys 11 million pounds of Ontario cucumbers every year and said all the lids on the jars come from an Ontario manufacturer. Now, the company finds itself in an awkward situation or — some might even say — a pickle. Sales are down about 25 per cent in the last three months, according to Oakland, who said, going forward, the company will buy fewer pickles and lids from its Canadian partners. Buy Canadian sentiment With patriotism surging amid trade tensions, many shoppers are opting to buy Canadian, but there could also be unintended consequences for a company such as Bick's, according to experts. "If buy Canadian means that people aren't buying Bick's, as an example, then Bick's is buying fewer cucumbers from Canadian producers. Then that buy Canadian is sort of coming back to bite, pardon the pun, the Canadian farmers," said food economist Mike von Massow from the University of Guelph. Kwaku Afesorgbor, a professor in the department of food, agriculture and resource economics at the University of Guelph, suggests it is ultimately customers who pay the cost. Afesorgbor said customers often end up absorbing the cost of tariffs or, if the product is no longer available, they face fewer options for what they can buy, which eventually affects their pocketbook. 'It's not great' Crystal Porcher wouldn't be offended if you called her a pickle enthusiast. The Edmonton woman grew up eating pickles and admits to eating the crunchy snack at least twice a week. She even has a pickle tattoo on her hands, one of 10 of her favourite food items. "If you're out in a pub or having a beer or whatever, they're usually on the menu and I am guilty of just asking for a bowl of pickles, even if it's just a side with something else," Porcher said. With several brands in the fridge at any given time, Porcher is still processing that pickles have been caught up in the trade war. "Personally, it's not great. Obviously I'm gonna be paying more for something that I love to eat. I'm not going to stop consuming an entire part of my diet because the prices increase a little bit. Obviously if I can't find them, I'll have to suss out some other options," she said. Food products caught in trade war The issue with Bick's spotlights how food products have been tangled up in the tariff dispute. "There are other products that have somewhat complicated supply chains, and I suppose pickled vegetables are an example of that," said John Cox, executive vice president of Pickle Packers International, a trade association of the pickled vegetable industry. Cox said the organization is advocating for duty-free transportation north and south of food products under the Canada-United States-Mexico Agreement (CUSMA). He argues that it is particularly important for the pickled vegetable industry, which he said is competitive with slim margins. "When you have a 25 per cent import duty added to the cost of production, it makes it impossible to be profitable," he said. "I'm concerned for the long-term prospects for Bick's." For Oakland and TreeHouse Foods Inc., the timing couldn't be worse. "Having lived in Ontario myself for 11 years, I understand how important barbecue season is and I just hate that Bick's is embroiled in this right now," Oakland said.