| Index | Close | Week | Year to date |
|---|---|---|---|
| S&P/TSX Composite | 33,040.55 | 1.31% | 4.19% |
| Dow Jones Industrial Average | 49,359.33 | -0.29% | 2.70% |
| S&P 500 Index | 6,940.01 | -0.38% | 1.38% |
| Nasdaq Composite | 23,515.39 | -0.66% | 1.18% |
| 10-year Canadian Bond Yield | 3.37% | -0.01% | -0.05% |
| 10-year U.S. Treasury Yield | 4.24% | 0.06% | 0.06% |
| WTI Crude Oil (U.S.$ per barrel) | 59.44 | 0.54% | 3.52% |
| Canadian Dollar | US$0.72 | -0.11% | -1.48% |
Prime Rate 4.45 % |
|||
Weekly performance ending January 16, 2026.
Sources: Morningstar Direct, Bank of Canada, U.S. Department of the Treasury and CME Group
Commodity prices helped Canada’s TSX outpace U.S. stock indexes
It was a strong start to the week for Canada’s benchmark TSX. On Monday, the resource-heavy stock index advanced further into record territory, rising 0.80%. The materials sector led the way, as gold and silver prices strengthened. On Tuesday, positive performances from mining and energy stocks provided a boost, but it wasn’t enough to offset weakness in financials. The TSX closed just below the flatline. Momentum turned upward again on Wednesday, and the TSX closed 0.14% higher. Shares of major Canadian energy producers benefited, as global oil prices rallied in response to civil unrest in Iran, and the possibility of U.S. intervention, that threatened to destabilize the region’s supply. This more than offset weakness in the tech sector and a 5.94% drop in shares of Canadian e-commerce giant Shopify. On Thursday, the TSX rose 0.34% to close above the 33,000 level for the first time, supported by news that Canada and China had announced an “economic and trade co-operation road map.” A trade agreement between the nations was announced on Friday. The TSX added 0.04%, with energy stocks helping to outweigh weakness in the auto sector.
On Wall Street, the major U.S. stock indexes posted gains on Monday. The Dow rose 0.17% and the S&P 500 added 0.16%, extending their recent run of record finishes. The tech-heavy Nasdaq gained 0.26%. This result was driven by Google’s parent company, Alphabet, surpassing US$4 trillion in market capitalization following news that Apple had agreed to use Google’s Gemini AI suite to power Siri. Sentiment turned negative on Tuesday, and all the major indexes suffered losses. The Dow took the hardest hit, falling 0.80% after shares of the largest U.S. bank, JP Morgan Chase, fell more than 4% over financial results that missed analyst expectations. The S&P 500 and Nasdaq slipped 0.19% and 0.10%, respectively. Losses mounted on Wednesday with a drop in the share prices of Netflix and Nvidia weighing heavily on the Nasdaq, which lost 1.00%. Financial stocks continued to hold the Dow and S&P 500 back, with earnings reports from Bank of America, Citi and Wells Fargo underwhelming investors. Performance stabilized on Thursday with the help of AI stocks, which climbed after Taiwan Semiconductor Manufacturing Co., a major supplier to the industry, reported better-than-expected financial results. The Dow rose 0.60%, while the S&P 500 and the Nasdaq each edged up 0.25%. All the major U.S. stock markets slipped on Friday, led by a 0.17% loss for the Dow, and closed the week in negative territory.
U.S. inflation held steady in December
On Tuesday, the U.S. Department of Labor reported that the consumer price index (CPI) rose 0.3% in December compared to the previous month. Core CPI, which excludes volatile food and energy costs, ticked up 0.2%. These modest increases matched November’s figures and suggest the resurgence of inflation may have peaked. Meanwhile, manufacturing prices were flat as tariff-related impacts eased.
The report came as political pressure on the Federal Reserve (the Fed) to cut rates mounted. On Sunday, Fed Chair Jerome Powell released a video statement in which he revealed that the U.S. Department of Justice had served grand jury subpoenas on Friday. The subpoenas related to his Senate Banking Committee testimony last June on plans to renovate the Fed’s office buildings. “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” Powell claimed.
Carney’s trip to China secures economic agreements
Prime Minister Mark Carney landed in China on Wednesday with an aim of mending the damaged relationship that has existed between the nations over the last decade. The trip also supports Carney’s broader goal to expand economic opportunities for Canada beyond the U.S. Following the first day of meetings on Thursday, the nations announced a series of agreements focused on building bilateral trade and investment, with energy at the forefront. On Friday, the nations announced a trade deal – Carney’s first since taking office – reducing tariffs on Chinese electric vehicles in exchange for China removing duties on Canadian agricultural products, including canola meal. Carney told reporters that Canada’s renewed partnership with China “reflects the world as it is today, with an engagement that is realistic, respectful and interest-based.”
The value of financial advice
Working with a knowledgeable and experienced Co-operators financial representative means that you’ll get honest, straightforward answers to your investing questions. By looking at the big picture and how your goals fit within it, they can help you design a financial roadmap that keeps you motivated and on track. Connect with a financial representative today to review – or get started on – your personalized plan.
Inflation data will be in focus
Canadian inflation data for December will be available on Monday (January 19). November’s data showed the annual inflation rate remained at 2.2%, supporting the case for the Bank of Canada to hold interest-rates steady. In the U.S., the Fed’s preferred inflation gauge, the Personal Consumption Expenditures price index, will be released on Thursday (January 22). The American update will include just November data, as statistical agencies continue to run behind schedule following last year’s government shutdown.
More important dates
- January 19: U.S. stock markets closed for Martin Luther King, Jr. Day
- January 28: Bank of Canada and U.S. Federal Reserve interest-rate announcements
- February 16: TSX closed for Family Day
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