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Weekly Market Snapshot: Mideast Tensions and Chip Selloff Rattle Global Markets (July 13–17)

  Week of July 13–17, 2026 It was a rough week to be a tech investor and a good week to own oil. Escalating conflict between the US and Iran pushed crude sharply higher and rattled global markets, while a fresh wave of selling in semiconductor stocks dragged US and Asian indices lower. Closer to home, the Bank of Canada held its key rate steady, and the TSX—less exposed to chipmakers—held up noticeably better than its US and Asian peers. Here’s how the week broke down across every major market, and what it means for your wallet. 🇨🇦 Canada: TSX Day Close Change Mon, Jul 13 35,252.72 -0.15% Wed, Jul 15 (BoC day) 35,416.20 +0.27% Thu, Jul 16 35,340.15 -0.21% Fri, Jul 17 ~35,262 -0.22% Week total (Fri-to-Fri) — ~flat (about -0.1%) The TSX had a choppy but ultimately quiet week compared with its global peers. Monday's session opened with the Strait of Hormuz blockade headlines and closed lower. Wednesday brought a relief rally after the Bank of Canada's rate hold, with financials ...
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Markets Rally: S&P 500 Hits Record High Amid Recovery






On Thursday, the S&P/TSX composite index surged 333.29 points, closing at 21,222.69, marking a 1.6% gain. The energy sector led the charge, propelling Canada’s main stock index to new heights. But it wasn’t just the Great White North celebrating; across the border, U.S. markets also joined the party.

The S&P 500, a bellwether for American equities, etched a fresh all-time high. In New York, the Dow Jones industrial average climbed 348.85 points, reaching 38,773.12. Meanwhile, the tech-heavy Nasdaq composite danced upward by 47.03 points, settling at 15,906.17.

What’s fueling this market resurgence? Mixed messages from inflation readings have been playing a game of tug-of-war with investor sentiment. Earlier this week, hotter-than-expected U.S. CPI numbers triggered a selloff, but the subsequent days saw a remarkable recovery. Kevin Burkett, portfolio manager at Victoria-based Burkett Asset Management, explains, “The numbers themselves aren’t bad. I think that the issue is people’s expectations, in particular at the end of December, had become so aligned to this view that we would see imminent and steep rate cuts.”

However, Burkett tempers expectations. “Right now, there’s very little chance that either the Bank of Canada or the U.S. Federal Reserve will start cutting interest rates in March,” he asserts. The specter of stubbornly elevated inflation looms large, making rate cuts a precarious proposition.

Recent earnings reports in Canada underscore the divergence between companies. While Manulife soared nearly nine percent after reporting robust earnings, Canadian Tire grappled with tougher economic conditions and softer consumer spending. Their stock price remained relatively stable.

As the markets sway, the Canadian dollar dances at 74.11 cents US, and commodities play their part. The April crude oil contract surged US$1.23, settling at US$77.59 per barrel. Meanwhile, gold glimmered, with the April gold contract adding US$10.60, reaching US$2,014.90 per ounce. Copper, too, caught the bullish wave, climbing six cents to US$3.76 per pound.

In this financial tango, investors watch closely, balancing optimism with caution. The rhythm of recovery continues, and the markets sway to their own beat.


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