| Index | Close | Week | Year to date |
|---|---|---|---|
| S&P/TSX Composite | 33,073.71 | 1.86% | 4.30% |
| Dow Jones Industrial Average | 49,500.93 | -1.23% | 2.99% |
| S&P 500 Index | 6,836.17 | -1.39% | -0.14% |
| Nasdaq Composite | 22,546.67 | -2.10% | -2.99% |
| 10-year Canadian Bond Yield | 3.25% | -0.15% | -0.17% |
| 10-year U.S. Treasury Yield | 4.04% | -0.18% | -0.14% |
| WTI Crude Oil (U.S.$ per barrel) | 62.89 | -1.04% | 9.53% |
| Canadian Dollar | US$0.73 | 0.25% | 0.67% |
Prime Rate 4.45% |
|||
Weekly performance ended February 13, 2026.
Sources: Morningstar Direct, Bank of Canada, U.S. Department of the Treasury and CME Group
Weakness in the tech sector hampered stock markets
On Monday, Canada’s resource-heavy TSX rose for a second-straight session, gaining 1.70%, as mining shares benefitted from strengthening precious metal prices. The Bay Street rally continued Tuesday, with the Canadian benchmark adding 0.71% to close at a record high. The advance waned on Wednesday, as shares of Shopify lost 7.03% after the company reported fourth-quarter results. The e-commerce giant, which has an outsized influence on TSX performance, reported a profit of US$743 million and announced a share buyback. Investors were disappointed by the company’s profit forecasts compared to prior results. The TSX closed essentially flat, down 0.01%. On Thursday, a decidedly risk-off tone took hold, as a tech sector decline and lower gold prices sent the TSX tumbling 1.80%. But Friday saw gold prices swing higher again as investors bought the dip. This helped lift the TSX 1.87% on the day, for a weekly gain of 1.86%.
In the U.S., momentum in the tech sector from last week’s final trading session carried over on Monday, helping the major stock indexes finish higher. The Dow edged up 0.04% to notch its second-straight record close, while the tech-heavy S&P 500 and Nasdaq added 0.47% and 0.90%, respectively. But the tech rally stalled on Tuesday, causing the S&P 500 to dip 0.33% and the Nasdaq to shed 0.59%. Meanwhile, the broader-based Dow added 0.10% on its way to another record close. On Wednesday, a stronger-than-expected labour market report led to mixed performances across the U.S. stock benchmarks, as investors lowered expectations for a central bank rate cut in March. The Nasdaq pulled back 0.16%, the Dow lost 0.13% and the S&P 500 finished flat. Tech losses accelerated on Thursday, which saw the Nasdaq drop 2%, the S&P 500 lose 1.6% and the Dow slide 1.3%. Shares of Cisco Systems and AppLovin weighed on the benchmarks, as investor concerns over the impact of AI competition on software companies mounted. On Friday, a cooler-than-expected inflation update helped steady investor sentiment. The Dow and S&P 500 edged up slightly but closed down 1.23% and 1.39%, respectively, on a weekly basis. The Nasdaq slipped another 0.22%, to close the week 2.10% lower.
U.S. economic data shifted rate-cut expectations
On Wednesday, the U.S. Department of Labor reported that the number of non-farm employees on payrolls grew by 130,000 last month, more than the 75,000 that economists had expected. Market reaction was mixed, however. The data suggests that the U.S. economy and businesses are on a solid footing. Stronger-than-expected employment, though, could also give the U.S. Federal Reserve (the Fed) reason to hold interest rates steady, creating a headwind for stock companies that borrow to grow, particularly in interest-rate-sensitive sectors, such as tech.
A separate report released on Friday showed that the U.S. Consumer Price Index (CPI) slowed to 2.4% annually in January, which marks an eight-month low. On a monthly basis, CPI rose slower than expected to 0.2%, following a 0.3% gain in December. Core CPI, which excludes volatile food and energy prices, slowed to 2.5% – the slowest pace recorded since March 2021.
Trump’s tariffs on Canada suffered a legislative setback
U.S. President Trump’s trade agenda took a hit on Wednesday, when six Republican lawmakers joined Democrats in the House of Representatives to pass a resolution that would end the “national emergency” invoked a year ago to justify the levying of steep tariffs on Canadian goods. The motion still requires Senate approval and, even if it passed, Trump would ultimately hold a veto. As tariffs have been at the heart of Trump’s economic policy, the increased Republican support for the measure represents a political challenge for the president. Trump was quick to react on social media following the vote: “Any Republican, in the House or the Senate, that votes against TARIFFS will seriously suffer the consequences come Election time, and that includes Primaries!" Trump posted.
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.
Canadian and U.S. inflation data
Canadian CPI data for January will be available Tuesday (February 17). The U.S. Personal Consumption Expenditures Price Index will be released on Friday (February 20).
More important dates
- March 2: Deadline for contributing to an RRSP for the 2025 tax year
- April 30: 2025 personal income tax filing deadline
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