| Index | Close | Week | Year to date |
|---|---|---|---|
| S&P/TSX Composite | 34,346.29 | 1.93% | 8.31% |
| Dow Jones Industrial Average | 49,447.43 | 3.19% | 2.88% |
| S&P 500 Index | 7,126.06 | 4.54% | 4.10% |
| Nasdaq Composite | 24,468.48 | 6.84% | 5.28% |
| 10-year Canadian Bond Yield | 3.44% | -0.02% | 0.02% |
| 10-year U.S. Treasury Yield | 4.26% | -0.05% | 0.08% |
| Canadian Dollar | US$0.73 | 1.04% | 0.26% |
Prime Rate 4.45% |
|||
Weekly performance ended April 17, 2026.
Sources: Morningstar Direct, Bank of Canada and U.S. Department of the Treasury
Markets recovered conflict-driven losses
Markets opened on a positive note Monday, as investors looked past stalled weekend peace talks and focused on U.S. President Donald Trump’s claim that Iranian leadership was open to a deal. Trump also reiterated that Iran would never be permitted to develop nuclear weapons. The Dow gained 0.63%, the S&P 500 rose 1.02% and the Nasdaq advanced 1.23%. With Monday’s gains, the S&P 500 fully recovered losses tied to the conflict and was back within 1.3% of its all time high.
Canada’s TSX also moved higher, rising 0.54%. The tech sector led performance, climbing 4.5%, as shares of Constellation Software Inc. surged 6.4%. The financials sector added 1.2%, while energy rose 0.8%.
Momentum carried into Tuesday, with all four major North American stock indexes extending gains. Slower than expected U.S. producer price inflation data and a solid start to the first quarter earnings season boosted sentiment. U.S. State Department comments that Israel and Lebanon had agreed to launch direct negotiations also added optimism. The S&P 500 rose 1.18%, the Nasdaq climbed 1.96% (for its tenth consecutive gain) and the Dow added 0.66%. Canada’s TSX advanced 0.7%, supported by strength in technology and financials.
The S&P 500 and the Nasdaq closed at record highs on Wednesday, rising 0.8% and 1.60% respectively, as strong bank earnings and geopolitical developments drove activity. The Dow slipped by 0.15%, while Canada’s TSX finished up 0.2%. Wall Street closed higher again on Thursday with investors hopeful that the worst of the Middle East conflict had passed after Israel agreed to a temporary ceasefire with Lebanon. President Trump also indicated that the U.S. and Iran could meet again over the weekend. The Dow rose 0.24%, the S&P 500 gained 0.26% and the Nasdaq advanced 0.36% – marking its longest winning streak since July 2009. Canada’s TSX ended the day modestly lower, falling 0.3%, as declines in consumer related stocks outweighed gains in the energy and real estate sectors.
The week ended with a final surge higher on Friday as Iran announced that the Strait of Hormuz was open again for commercial tankers carrying crude. The S&P 500 rose 1.2%, the Nasdaq climbed 1.5% and the Dow gained 1.8%. The TSX added 0.86%. Friday’s close marked another set of records for the S&P 500 and the Nasdaq. All three Wall Street benchmarks gained for a third straight week and were back in positive territory on a year-to-date basis.
The IMF lowered its global growth forecast
On Tuesday, the International Monetary Fund (IMF) released its latest global economic outlook, warning that the Middle East conflict will negatively impact the global economy. Its Executive Summary said, “Once again, the global economy is threatened with being thrown off course – this time by the outbreak of war in the Middle East at the end of February 2026.” The international organization with 191 member countries noted that “absent the war, global growth would have been revised upward.” Instead, it trimmed its 2026 global growth forecast to 3.1%, down 0.2% from its January outlook. The IMF also raised its inflation forecast to 4.4% from 3.8%, reflecting higher and more volatile energy prices. Canada was seen as relatively insulated given its position as a major energy exporter, though the IMF expects growth to slow to 1.5% in 2026 amid trade uncertainty, before improving in 2027.
U.S banks opened Q1 earnings season
Corporate earnings came into focus last week, with several large U.S. banks reporting solid first quarter results. Goldman Sachs posted year over year revenue growth of more than 14%, with revenue rising to US$17.2 billion, supported by strength in equities trading and dealmaking. JPMorgan Chase reported net income of US$16.5 billion, up from US$14.6 billion a year earlier, while Bank of America’s profit rose to US$8.6 billion, as trading activity and investment banking fees improved. Wells Fargo also reported higher earnings, generating US$5.25 billion in profit, though results fell short of expectations. Outside the financial sector, Johnson & Johnson beat earnings estimates and raised its full year revenue outlook after reporting first quarter revenue of US$24.1 billion.
Stay invested
The market’s strongest days and weeks often occur when you least expect it. A rush decision to sell quality, well-managed investments can turn a temporary portfolio decline into a permanent loss. If you have questions about your investments, a Co-operators financial representative is ready to help.
Canadian inflation data (April 20)
Headline inflation slipped below the Bank of Canada’s 2% target in February (down to 1.8%), driven by base year effects. Core inflation cooled but remained above target. This week, market participants will monitor Statistics Canada’s March data. It should indicate whether consumer prices have continued to trend lower or have started to re accelerate. Rising energy prices could be a significant factor.
More important dates
- April 29: Bank of Canada and U.S. Federal Reserve interest rate announcements
- April 30: 2025 personal income tax filing deadline
Mutual funds are offered through Co-operators Financial Investment Services Inc. to Canadian residents except those in Quebec and the territories. Segregated funds and annuities are administered by Co-operators Life Insurance Company. Not all products are available in all provinces.
Co-operators® is a registered trademark of Co-operators Group Limited and is used with permission.
© 2026 Co-operators Financial Investment Services Inc.
101 Cooper Dr, Guelph, ON N1C 0A4,
© 2026 Co-operators Life Insurance Company
1900 Albert St., Regina, SK S4P 4K8
The commentary in this report is based on current market conditions and market media sources available to the public and may change without prior warning at any time. The forecasts provided herein are not guarantees of future performance and include risks, uncertainty and assumptions. While Co-operators Financial Investment Services Inc. and Co-operators Life Insurance Company (“Co-operators”) believe these assumptions are reasonable, there is no guarantee they will be confirmed. This report is not a guarantee of future investment performance, nor should undue reliance be placed on this report. This report is provided as a general source of information for a specific point in time and should not be considered solicitation to buy or sell any investment. Nothing contained in this report constitutes investment, legal, tax or other advice. The content in this report should not be relied upon in making an investment or other decision, and individuals should obtain relevant and specific professional advice and read the terms and conditions contained in the relevant offering documents carefully before any investment decision is made. Co-operators is not responsible for any loss or damage as a result of reliance on the information contained in this report. Co-operators makes no representations or warranties as to the information contained herein and does not guarantee its accuracy, timeliness, completeness or usefulness.
If you are a client who has received this, and you have questions or want to discuss your investments, please contact your financial representative.
The Dow Jones Industrial Average and S&P 500 ("Indices") are products of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Co-operators Financial Services Limited. Copyright © 2026 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices, please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
The S&P/TSX Composite is a product of TSX Inc., its affiliates and/or their licensors and has been licensed for use by Co-operators Financial Services Limited. Copyright © 2026 TSX Inc. All rights reserved. Neither TSX Inc., their affiliates, nor their third-party licensors make any representation or warranty, express or implied, as to the accuracy of market representation of any index, or the context from which they are drawn, and shall not be liable for any errors, omissions or interruptions of any index or the data included therein.