Canada's main stock index, the S&P/TSX composite, rose more than 100 points on Thursday, May 7, 2026, while U.S. stock markets delivered mixed performances. The gains in Toronto were driven by strength in energy and financial sectors, though broader economic concerns persisted.
Air Canada Cuts Routes Amid Rising Fuel Prices
Air Canada announced further service reductions on several routes in response to escalating fuel costs. The airline cited the ongoing volatility in global oil markets as a key factor behind the decision, which is expected to affect both domestic and international travel options.
Hantavirus Outbreak Raises Health Alerts
Health authorities are tracking a hantavirus outbreak linked to a cruise ship that began its journey in Argentina. Two Canadian passengers who left the ship are now in Ontario, prompting public health monitoring. The virus, which is on the rise in Argentina, has led to one death and multiple infections. Canada is in contact with the World Health Organization following the outbreak.
Organized Crime and Grocery Theft
A business group reported that 100% of its members are concerned about the implementation of the Declaration on the Rights of Indigenous Peoples Act (DRIPA). Meanwhile, organized crime groups are increasingly behind grocery store theft across Canada, according to video evidence and retailer reports.
Gas Prices and Economic Relief
Ottawa gas prices are set to drop 12 cents a litre over two days, offering some relief to consumers. However, economists caution that respite at the pump may be short-lived due to underlying market pressures. In other economic news, Nutrien reported Q1 earnings of US$139 million, up from US$19 million a year earlier.
Technology and Scams
As artificial intelligence fuels a surge in travel scams, experts advise consumers on how to protect themselves. A new poll indicates most Canadians support banning social media and AI chatbots for children under 16. Additionally, Meta is asking a U.S. judge to throw out a landmark social media addiction verdict.
Other Notable Stories
- A Google Maps glitch sent drivers the wrong way up a Toronto street; the city seeks a meeting with the tech company.
- The cofounder of British fashion brand Superdry was sentenced to eight years in prison for rape.
- Mount Everest season opened late, with climbers undeterred by a huge ice block and high travel costs.
- An ultramarathon runner died in Arizona after a medical emergency.
- Canadian rapper Drake helped Italian soccer club Venezia secure investment.
