The Daily Chase: Light trading day on holidays in U.S. and Europe

Here are five things you need to know this morning.

Quiet day on markets due to holidays in U.S. and Europe: It could be a quiet day on the markets today as trading in the U.S. and Europe is cancelled due to the Memorial Day holiday in New York, and a bank holiday in European trading hubs. In Toronto, the benchmark TSX index will start the week at 22,320. That’s within striking distance of the all-time intraday high of 22,554 it set last week, and if the TSX sets a new high water mark this week, it will likely be on the back of strong quarterly results from Canada’s big banks, which are set to reveal earnings in the coming days.

Indigo shareholders set to vote on deal: Shareholders of Indigo Books & Music are set to vote today on whether or not to accept a sweetened offer to take the company private at $2.50 a share. The offer comes from financier Gerry Schwartz, the spouse of CEO and founder Heather Reisman. Entities tied to Schwartz already had a controlling interest in the company, but the last offer would formally take the entire retailer private. For the deal to go ahead, the deal must get two-thirds of all votes, which seems assured since Schwartz-owned Trilogy Retail Holdings already controls about 60 per cent of the company. But a simple majority vote from shareholders not linked to Trilogy is also required. A special committee of independent directors has already given their blessing to the deal.

Elon Musk’s AI firm raises US$6B: Elon Musk’s artificial intelligence startup xAI has raised US$6 billion to ramp up operations. The company announced a series B round of funding over the weekend; the second major financing for the company in the year since it was founded. Musk was an early backer of ChatGPT-maker OpenAI before expressing caution about the venture, forming his own rival instead. The company says it plans to use the money raised to bring its products to market.