| Index | Close | Week | Year to date |
|---|---|---|---|
| S&P/TSX Composite | 34,471.36 | 1.89% | 8.70% |
| Dow Jones Industrial Average | 50,579.70 | 2.13% | 5.24% |
| S&P 500 Index | 7,473.47 | 0.88% | 9.17% |
| Nasdaq Composite | 26,343.97 | 0.45% | 13.35% |
| 10-year Canadian Bond Yield | 3.53% | -0.17% | 0.11% |
| 10-year U.S. Treasury Yield | 4.56% | -0.03% | 0.38% |
| Canadian Dollar | US$0.72 | -0.41% | -0.74% |
Prime Rate 4.45% |
|||
Weekly performance ended May 22, 2026.
Sources: Morningstar Direct, Bank of Canada and U.S. Department of the Treasury
Stock markets rose as oil prices fluctuated
The major U.S. stock indexes ended a volatile Monday with mixed results. The S&P 500 and Nasdaq finished down 0.1% and 0.5%, respectively, while the Dow rose 0.3%. The session’s volatility was influenced by oil-price swings and developments in U.S.-Iran peace negotiations. Canadian markets were closed for the Victoria Day holiday.
Markets in both countries moved lower on Tuesday, as investors remained sensitive to geopolitical headlines and inflationary risks posed by elevated oil prices. The TSX fell 0.3% as losses in commodity-linked sectors weighed on performance. In the U.S., the Dow fell 0.6%, the S&P 500 declined 0.7% and the Nasdaq dropped 0.8%.
By Wednesday, equities rebounded across the board. The TSX rose 1.2%. The U.S. markets also posted solid gains with the S&P 500 ending 1.1% higher, the Dow climbing 1.3% and the Nasdaq advancing 1.6%. The recovery came as oil prices fell on hope that the U.S. and Iran were close to reaching a peace deal. A rally in shares of the influential AI-giant Nvidia, ahead of its after-hours earnings release, also contributed to the recovery.
On Thursday, oil prices reversed course after moving higher early in the session, sparking a late-day rebound. The Nasdaq and S&P 500 finished with modest gains of 0.1% and 0.2%, respectively. The Dow rose 0.6% to notch its first record close since February. The TSX advanced 0.7% on the day.
Markets carried that momentum into Friday. The TSX edged up 0.2%, while U.S. indexes also advanced, with the Nasdaq adding 0.2%, the S&P 500 rising 0.4%, and the Dow gaining 0.6%. These gains came despite the release of data showing consumer sentiment in the U.S. has weakened, and Canadian retail sales figures that suggest fuel costs are starting to hamper more discretionary consumer spending.
Reaction to Nvidia’s earnings underscored high expectations for AI leaders
Financial results from Nvidia took focus late Wednesday, giving investors further insight into the strength of the AI boom that has driven equity markets over the past year. The company reported first-quarter revenue of approximately US$81.6 billion, representing year-over-year growth of about 85%, while net income more than tripled to roughly US$58.3 billion.
Despite the strong results, Nvidia shares fell about 1.6% in after-hours trading following the announcement. The muted reaction reflected high expectations already priced into some of the market’s largest technology names, particularly those closely tied to AI-related growth.
Canadian inflation rose in April
On Tuesday, Statistics Canada reported that the annual inflation rate rose to 2.8% in April, up from 2.4% in March. Higher energy prices drove the increase, with gasoline costs up significantly from this time last year. Outside of energy, some measures of underlying inflation remained relatively subdued. Slower growth in categories such as rent and food helped offset some of the upward pressure from fuel costs.
With the next central bank interest-rate decisions approaching in June, Canadian and U.S. policy-makers will weigh the impact of elevated headline inflation, driven largely by energy prices, against signs that underlying price pressures may be easing in other parts of the economy.
Stay the course
The market’s day-to-day ups and downs can be stressful. But it’s important to put market performance into perspective, while keeping your goals front and centre. Staying invested – and continuing to invest – throughout market fluctuations is the best way to capitalize on likely market recoveries. If you have questions about your investments, a Co-operators financial representative is always ready to help.
U.S. inflation data (May 28)
The core Personal Consumption Expenditures (PCE) price index, the U.S. Federal Reserve’s (the Fed) preferred gauge of underlying inflation, rose 3.2% year-over-year in March, up from 3.0% in the prior month. Minutes from the Fed’s April policy meeting suggested policy-makers may consider interest rate increases if inflation remains above its 2% target. April’s PCE report, scheduled for release on Thursday, will give investors an idea of whether underlying price pressures are easing or proving more durable.
More important dates
- June 10: Bank of Canada interest rate decision
- June 16 to 17: U.S. Federal Reserve interest rate decision
- June 19: U.S. markets closed for Juneteenth National Independence 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.
© 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
Co-operators® is a registered trademark of Co-operators Group Limited and is used with permission.
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.