| Index | Close | Week | Year to date |
|---|---|---|---|
| S&P/TSX Composite | 34,077.75 | 0.55% | 7.46% |
| Dow Jones Industrial Average | 49,609.16 | 0.22% | 3.22% |
| S&P 500 Index | 7,398.93 | 2.33% | 8.08% |
| Nasdaq Composite | 26,247.08 | 4.51% | 12.93% |
| 10-year Canadian Bond Yield | 3.47% | -0.06% | 0.05% |
| 10-year U.S. Treasury Yield | 4.39% | -0.02% | 0.20% |
| Canadian Dollar | US$0.73 | -0.54% | 0.15% |
Prime Rate 4.45% |
|||
Weekly performance ended May 8, 2026.
Sources: Morningstar Direct, Bank of Canada and U.S. Department of the Treasury
Stock markets moved with evolving hopes for a U.S.-Iran peace agreement
The major North American stock indexes moved lower on Monday, with the Nasdaq edging down 0.2%, the S&P 500 declining 0.4% and the Dow falling 1.1%, as Iranian attacks on the United Arab Emirates pushed oil prices higher. Canada’s TSX also declined, shedding 0.7%.
Stocks rebounded on Tuesday after oil prices pulled back from earlier spikes. Some concerns around supply disruptions eased, allowing investors to focus on corporate earnings. The S&P 500 rose 0.8% to a fresh record high, while the Dow and the Nasdaq advanced 0.7% and 1.0%, respectively. In contrast, the TSX dipped 0.21% due to weakness in the technology sector.
Momentum strengthened on Wednesday, with all major benchmarks posting broad-based gains, as investor optimism grew over a potential de-escalation in the Middle East. The S&P 500 and Dow climbed 1.5% and 1.2%, respectively, while the Nasdaq gained 2.0% to reach another all-time high. The TSX advanced 1.2%, supported by strength in materials and financials, as reports suggested the U.S. and Iran were making progress toward an agreement to ease global oil supply disruptions.
Stock markets pulled back on Thursday, giving up some of the previous day’s gains. The S&P 500 slipped 0.4%, while the Dow declined 0.6% and the Nasdaq edged down 0.1%. Oil prices continued to move lower overall during the session but remained volatile, as investors assessed whether recent momentum in U.S.-Iran talks would translate into a lasting resolution. In Canada, the TSX declined 0.37% with the energy sector leading the losses.
On Friday, the major Wall Street indexes advanced after U.S. employment data for April came in stronger than expected. The S&P 500 rose 0.8% and the Nasdaq gained 1.7% to close at record highs, while the Dow edged up 0.01%. In Canada, the TSX advanced 0.65%, supported by strength in materials.
Strong corporate earnings supported equity markets
A steady stream of strong corporate earnings reflected positive momentum in the U.S. technology sector and continued resilience within Canada’s energy sector.
On Wall Street, results from several large-cap companies helped drive gains, particularly within the tech sector. This helped the Nasdaq outperform the other indexes. Semiconductor firm AMD stood out, with shares surging roughly 17% after reporting better-than-expected quarterly results. The California-based company also issued an upbeat outlook, citing continued strength in demand for artificial intelligence. The results lifted sentiment across the semiconductor space, while other large-cap names, including Disney, exceeded expectations. Overall, the results supported broader market gains.
In Canada, energy producers remained in focus. Companies such as Suncor and Cenovus reported results that generally came in ahead of expectations, supported by higher production levels and operational strength. Canadian Natural Resources also posted strong quarterly profits, reinforcing the continued importance of the energy sector within the Canadian market, even as oil price movements introduced some volatility.
Canada reported a trade surplus
A Statistics Canada report released on Tuesday showed that Canada posted a trade surplus of approximately $1.8 billion in March, a notable turnaround from the previous month’s deficit. A sharp 8.5% increase in exports drove the improvement. Over the month, Canada shipped more energy products and saw strong demand for metals, including gold. At the same time, imports declined modestly.
Exports to the U.S. increased, lifting Canada’s trade surplus with its largest trading partner, while shipments to non-U.S. markets also reached record levels. The data suggests a broad-based strengthening in external demand, even as global economic conditions remain uncertain.
Canadian and U.S. employment data contrasted
Employment data released Friday offered a mixed picture of labour market conditions in Canada and the United States. In Canada, the unemployment rate rose to 6.9% in April, a six-month high, as the economy shed jobs overall. Losses were concentrated in full-time positions, with modest gains seen in part-time employment.
In contrast, U.S. job growth remained positive, with employers adding 115,000 jobs in April, while the unemployment rate held steady at 4.3%. The data suggests the U.S. labour market remains relatively resilient, although hiring has moderated compared to the previous month.
Market volatility can reinforce the value of a long term investment strategy
While markets may react to shifting global events and short term volatility, a diversified, professionally managed portfolio is designed to help navigate the changing conditions. Staying focused on your long term goals can help you stay confident and well-positioned for future opportunities as markets evolve. A Co-operators financial representative is always ready to help if you have questions or would like to review your plan.
U.S. inflation data (May 12)
U.S. inflation moved higher in March, with headline consumer prices rising, largely driven by a sharp increase in energy costs. Core inflation remained moderate, suggesting underlying price pressures were relatively contained. Investors will closely monitor April’s U.S. consumer price index report, released on Tuesday, for insight into whether price pressures are stabilizing following March’s energy-driven spike.
More important dates
- May 18: Canadian markets closed for Victoria Day
- May 25: U.S. markets closed for Memorial Day
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