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Weekly Market Snapshot: TSX Holds Near 34,000 as Banks Rally and Loonie Slips

Canadian Money Brief  ·  May 16, 2026  ·  moneysavings.ca Canadian markets closed another turbulent week navigating Middle East tensions, a high-stakes U.S.–China summit, and fresh inflation signals from south of the border. Here is everything Canadian investors need to know right now. S&P / TSX 34,267 ▲ +0.67% (Thu) USD / CAD 1.37 ▼ Loonie under pressure BoC Rate 2.25% ● On hold Canada CPI (Mar) 2.4% ▲ Up from 1.8% WTI (CAD) ~$140 ▲ Near multi-year high 📈 TSX Equities: Banks Lead, Outliers Steal Headlines The S&P/TSX Composite Index traded near the 34,000 mark all week, closing Thursday at 34,267 — a gain of 0.67% on the session and up a remarkable 32.32% compared to the same time last year. The broad gains came as investors watched the highly anticipated summit between U.S. President Donald Trump and Chinese President Xi Jinping, with Trump describing the talks as "extremely positive and constructive." Canada's big banks were the week's standout performer...
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Megacaps Rally as Investors Await Inflation Data and Major Bank Earnings


The stock market has been on a roller coaster ride lately, with investors keeping a close eye on inflation data and major bank earnings. On Wednesday, the market saw a boost as megacaps rallied, with Microsoft, Meta Platforms, and Nvidia leading the charge. The S&P 500 index gained 0.57%, while the Nasdaq Composite advanced 0.75% and the Dow Jones Industrial Average rose 0.45%.

The benchmark 10-year Treasury note yield held near 4%, and a $37 billion auction of the notes drew above-average demand. Communication services was the best performing of the 11 major S&P sectors, lifted by a roughly 4% rise in Meta Platforms’ stock to the highest level since September 2021, after Mizuho raised its price target to $470 from $400. Nvidia hit a record high after fellow chipmaker TSMC beat fourth-quarter revenue expectations.

After ending 2023 with a strong rally, stocks have struggled to find upward momentum, with the S&P 500 barely positive on the year, as mixed economic data and comments from Federal Reserve officials have led investors to dial back expectations for the timing and size of any rate cuts from the central bank this year.

The market is reassessing its 2024 expectations in terms of earnings and interest rates, and really looking to justify the surge in prices that we saw in November and December. It’s sort of a good sign that the market is treading water early in the year because it implies that investors really don’t want to miss out on anything else that could be good.


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