Here are five things you need to know this morning.

Shopify shares plunge on earnings: Shares in Shopify Inc. are poised for a rough day after the e-commerce company posted quarterly results before markets opened, numbers that showed the company swung to an unexpected loss during the period. Shopify lost $273 million last quarter, after a profit of $68 million a year earlier. The company said its revenue rose by 23 per cent to $1.86 billion and its gross merchandise volume — the total value of all the goods and services sold on its platform — rose by the same amount. But the market reaction is focused squarely on the loss, as the shares were down 19 per cent at one point in premarket trading in New York.

Profit slips at BAM for 1st time since spinoff: Brookfield Asset Management reported its first quarterly profit decline since it was spun out of the parent company more than a year ago. Earnings at BAM came in at $547 million during the quarter, in line with estimates but down from $563 million a year earlier. Fees declined in three of the company’s five business units. The company did manage to raise $20 billion in cash during the quarter, capital it plans to deploy in the coming months. “With more than $100 billion of dry powder to invest … we remain very well-positioned to capture investment opportunities,” company president Connor Teskey said in a release.

Oil price slips to lowest point since March: The price of the North American crude oil benchmark known as West Texas Intermediate fell to US$77 a barrel this morning after inventories data showed oil in storage is inching up. Crude stockpiles at the hub of Cushing Oklahoma rose by 1 million barrels last week, Bloomberg reports, and holdings of distillates like gasoline and jet fuel are also creeping higher. That’s a sign of less demand at a time when the opposite is normally happening as the summer driving and travel season begins to heat up. Weaker demand is coming while global geopolitical tensions are starting to unwind, pushing prices lower. “Oil market indicators have turned softer in recent week, and prices have declined from recent peaks,” Morgan Stanley analysts said in a note to clients. “The oil market is not tight right now but we see seasonal strength ahead in coming months.”

TD Bank trying to put money laundering probe woes behind it: The dark cloud of money laundering regulatory probes has been overhanging TD bank for more than a year now, and the company’s CEO says it hopes to soon work out a “global resolution” to the matter as soon as possible. At a video town hall meeting with senior leadership and a subsequent email to all staff, CEO Bharat Masrani said the bank is doing whatever it can to find resolution on the regulatory probes around the world, including Canada and the U.S., where it has set aside provisions of more than $400 million to cover any future fines, and warned that figure may grow. The U.S. Department of Justice is investigating the bank over its ties to a $653 million drug money laundering case. In a different matter, an employee at one of the bank’s branches accepted a bribe to facilitate the laundering of drug money, Bloomberg reports. “We’ve been working with the US Department of Justice investigators for some time now,” Masrani told employees. “I should say our system did pick up a lot of this activity but not enough and we were just too slow.”

Boeing workers falsified 787 inspection records, FAA says: The Federal Aviation Administration has opened an investigation into Boeing after the company says workers at a South Carolina plant falsified inspection record on certain 787 planes. According to The Associated Press, Boeing told the aviation regulator it recently learned that a worker observed an “irregularity” in a required test of the wing-to-body join and reported it to his manager. “After receiving the report, we quickly reviewed the matter and learned that several people had been violating Company policies by not performing a required test, but recording the work as having been completed,” the company said. The company says the issue did not create an immediate flight safety issue and no planes have been taken out of service, but having to perform the test out of order on planes will slow the delivery of jets still being built. It’s the latest calamity to befall the company since a door plug blew out of a Boeing 737 Max during an Alaska Airlines flight in January, leaving a gaping hole in the plane. The accident halted progress that Boeing seemed to be making while recovering from two deadly crashes of Max jets in 2018 and 2019.