Canada tariff escalation
U.S.-Canada trade talks collapsed, putting 50% U.S. tariffs on about $20 billion of Canadian goods into effect. Canada set retaliatory tariffs for Sept. 8.
Aug 22, 2026 · QQQ/SPY Market Review · 15 headlines
U.S. 50% Canada tariffs, Hormuz closure and Nvidia pricing lead Saturday news
U.S. markets were closed, so QQQ and SPY did not trade and neither led. U.S.-Canada talks failed and 50% tariffs on about $20 billion of Canadian goods took effect, followed by Canada's Sept. 8 retaliation. Hormuz oil shipments continued under restricted access while Tehran said the strait would stay closed pending U.S. commitments. Nvidia AI-server price increases above 15%, record Indian purchases of Russian oil and an EU windfall-tax push broadened the weekend context.
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- QQQ
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- SPY
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- QQQ − SPY
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What shaped the session
Hormuz oil access
About 16 million barrels reportedly used the strait's southern route on Friday night. Later, an Iranian security official said the Strait of Hormuz would remain closed until Washington fulfilled its commitments.
AI pricing pressure
Nvidia customers were reportedly notified of AI-server price increases above 15%. OpenAI and Google separately reduced model-usage prices as competition intensified.
Energy trade and taxes
India's Russian crude imports exceeded 2.6 million barrels a day in June and July as Gulf supply tightened. Six EU countries also sought discussion of a bloc-wide oil windfall tax.
Key news
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