| Index | Close | Week | Year to date |
|---|---|---|---|
| S&P/TSX Composite | 33,904.11 | -1.29% | 6.91% |
| Dow Jones Industrial Average | 49,230.71 | -0.44% | 2.43% |
| S&P 500 Index | 7,165.08 | 0.55% | 4.67% |
| Nasdaq Composite | 24,836.60 | 1.50% | 6.86% |
| 10-year Canadian Bond Yield | 3.46% | 0.02% | 0.04% |
| 10-year U.S. Treasury Yield | 4.31% | 0.05% | 0.13% |
| Canadian Dollar | US$0.73 | -0.14% | 0.21% |
Prime Rate 4.45% |
|||
Weekly performance ended April 24, 2026.
Sources: Morningstar Direct, Bank of Canada and U.S. Department of the Treasury
Stock markets seesawed
The major North American stock markets fluctuated through the week, reflecting a mix of geopolitical uncertainty and encouraging corporate earnings results. On Monday, U.S. stocks edged lower after closing several sessions at record highs. The S&P 500 slipped 0.2%, the Nasdaq declined 0.3% and the Dow finished flat. Canadian equities moved modestly higher, with the TSX gaining 0.04%.
Broader selling pressure emerged on Tuesday, driven by renewed uncertainty over Middle East ceasefire negotiations. The S&P 500, Dow and Nasdaq each fell about 0.6%. Earnings results helped soften the pullback, as several large U.S. companies reported profits that exceeded analyst expectations. UnitedHealth Group saw its share price surge roughly 7% after raising its 2026 profit outlook. In Canada, the TSX declined approximately 1.6%, led by weakness in materials stocks.
Markets rebounded on Wednesday after news of a temporary ceasefire extension improved risk sentiment. The Nasdaq and S&P 500 gained 1.6% and 1.1%, respectively, sending both indexes to record closes, while the Dow advanced 0.7%. Positive earnings updates from companies such as GE Vernova, Philip Morris International, Boeing and AT&T contributed to the rebound. Canadian equities also moved higher, with the TSX rising 0.4%, supported by strength in materials and telecom stocks.
On Thursday, markets pulled back amid fresh geopolitical concerns and mixed earnings reports. The S&P 500 and Dow each slipped 0.4%. The Nasdaq declined 0.9%, pressured by weakness in technology shares following poor results from companies like Tesla and ServiceNow. The TSX edged lower by about 0.1%, led by declines in technology and metal mining stocks. Strength in the energy sector helped limit broader losses.
Markets finished the week mixed on Friday, as strong earnings in the technology sector buoyed U.S. stocks. The S&P 500 rose 0.8%, setting a record, while the Nasdaq climbed 1.6%, led by a sharp rally in Intel shares following an upbeat earnings report. The Dow slipped 0.2%. In Canada, the TSX finished down roughly 0.03%, as gains in health care and utilities were offset by weakness in energy and telecom stocks.
Canadian inflation jumped in March
Consumer Price Index data released Monday showed price pressures accelerated last month, largely driven by higher energy costs. Statistics Canada reported the annual inflation rate rose to 2.4%, up from 1.8% in February, as gasoline prices surged 21.2% – their largest month‑over‑month increase on record. Measures of core inflation, which exclude food and energy, remained more subdued, suggesting broader price pressures have yet to meaningfully re‑ignite.
The report adds another variable ahead of the Bank of Canada’s interest rate decision on April 29. While higher fuel prices may elevate headline inflation in the near term, many economists expect the central bank to remain cautious, as energy‑driven inflation is largely outside of monetary policy control.
Trade headlines resurfaced ahead of the CUSMA review
As Canada and the U.S. prepare for discussions tied to the upcoming review of the Canada‑U.S.‑Mexico Agreement (CUSMA), American officials called out what they view as Canadian trade irritants. Their concerns include provincial restrictions on the sale of U.S. alcohol, highlighting the sector‑specific issues that are likely to surface as negotiations approach.
Canadian officials, however, emphasized that the country has its own trade concerns it wants addressed. Prime Minister Mark Carney pointed to U.S. tariffs on steel, aluminum, automobiles and forest products, noting that these measures remain a source of friction between the two countries. While no immediate policy changes were announced, the exchange underscored the complexity of the negotiations ahead.
In Canada, the federal government also announced the creation of a new advisory council on Canada‑U.S. trade, aimed at helping guide preparations for the CUSMA review. For investors, the developments suggest trade policy uncertainty may persist in the months ahead, particularly for industries with significant cross‑border exposure.
Never try to time the market
No one can predict when the market will rise or fall, or by how much. This makes timing the market a risky approach. Your investment strategy, from the outset, should be based on your goals, your risk tolerance and your time horizon – not the market’s. If you have questions, a Co-operators financial representative is always ready to help.
Central bank interest-rate announcements (April 29)
Investors will pay close attention to policy‑maker statements on Wednesday, when both the Bank of Canada and the U.S. Federal Reserve announce their latest interest‑rate decisions. Recent volatility in energy prices and ongoing geopolitical uncertainty have heightened sensitivity to inflation risks, meaning any signals about the future policy path could influence market sentiment.
More important dates
- April 30: Deadline to file 2025 personal income tax return
- May 18: Canadian markets closed for Victoria Day
- May 25: U.S. markets closed for Memorial Day
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.
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