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Markets Update — Friday, June 26, 2026: Global Tech Sell-Off Rattles Markets as TSX Holds Firm

  Friday, June 26, 2026 — Reporting on confirmed June 25 closing data. Asian and European figures reflect Friday session activity. 🇨🇦 Canada — TSX The S&P/TSX Composite Index closed Thursday at 34,850 , up 0.3% on the day — a relatively resilient showing while Wall Street struggled with a tech-driven selloff. Gains in the financial and mining sectors carried the index. The big Canadian banks were a bright spot: TD Bank added 0.9%, Royal Bank gained 0.4%, and BMO rose 0.9%. On the mining side, Agnico Eagle gained 1.7% as gold prices held near the $4,000 level. Technology names were the drag. Shopify fell 2.6%, Constellation Software lost 3.6%, and Celestica shed 0.7%, tracking the broader global selloff in tech stocks. Still, with Canadian tech making up a far smaller portion of the TSX than it does on U.S. indices, the damage was contained. Investors also parsed Thursday's Bank of Canada Summary of Deliberations, which confirmed policymakers are keeping monetary policy flexi...
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Stock Market Update: S&P 500 and Nasdaq Futures Rise Ahead of Fed Minutes and Jobs Review

 

US stocks are poised for small gains today after snapping their longest win streak this year. Investors are closely watching the Federal Reserve minutes and jobs data, which are likely to shape bets for interest-rate cuts.

  • S&P 500 Futures (ES=F): Up roughly 0.2% after closing slightly lower to end an eight-day winning streak.
  • Dow Jones Industrial Average Futures (YM=F) and Nasdaq 100 Futures (NQ=F): Both up about 0.2%.

Key Points:

  1. Labor Market Focus: Investors are eyeing a return to recovery from an early August sell-off, with focus intensifying on the labor market as a factor in the Fed’s policy-making. Inflation seems to be subsiding.
  2. Earnings Reports: Target (TGT) and Macy’s (M) quarterly reports shed light on the retail sector and consumer sentiment.
    • Target shares jumped after beating Wall Street targets.
    • Macy’s shares sank after posting a sales drop.
  3. Jackson Hole Symposium: Investors are treading cautiously ahead of Jerome Powell’s appearance at the Jackson Hole symposium on Friday. Expectations for a September rate cut are high.
  4. Labor Data Revisions: The market is bracing for preliminary revisions to labor data for the year through March. Goldman Sachs expects significant downward moves in previously reported payrolls growth.
  5. Fed Minutes: The minutes from the Fed’s July meeting will be scrutinized for insight into the likelihood and magnitude of a rate cut next month.

Keep an eye on the markets as we await further developments!

 

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