Weekly Market Snapshot | July 20–24, 2026
It was a week where every major market got pulled in a different direction at once. Oil spiked above $100 a barrel for the first time since May on renewed Middle East attacks, a global chip-stock selloff knocked billions off tech valuations, and Ottawa woke up to a new round of US tariffs. Through it all, the TSX barely moved — closing the week almost exactly where it started. Here's how it all shook out, market by market, and what it means for your wallet.
🇨🇦 Canada: TSX
| Index | Friday Close | Week Change |
| S&P/TSX Composite | 35,369.10 | +0.08% (+29 pts) |
The TSX had a wild ride to end up almost dead flat. It hit a fresh record close of 35,485.11 on Tuesday, driven by gold miners and tech names, then gave it all back on Thursday with an 0.8% drop to 35,193 as Middle East tensions and AI-spending jitters spooked investors. Friday brought a 176-point (0.5%) rebound as oil prices cooled and lower bond yields lifted the banks. Energy and gold stocks led the week; Celestica and other tech names tracked the US chip selloff lower.
🇺🇸 United States
| Index | Friday Close | Week Change |
| Dow Jones | 51,947.25 | -0.4% |
| S&P 500 | 7,411.98 | -0.6% |
| Nasdaq Composite | 24,975.82 | -2.1% |
All three major US benchmarks logged a losing week, with the Nasdaq hit hardest as the semiconductor sector fell into a bear market. Chipmakers led the slide after a wave of AI-spending concerns following Alphabet and Tesla earnings. The Dow held up best, helped by a 3.5% jump in Apple on Friday and earnings beats from Verizon and American Express. New White House tariffs — 10% to 12.5% duties on roughly 60 countries, plus the previously announced 50% tariff on a range of Canadian goods (wine, dairy, furniture, hockey gear) taking effect August 19 — added another layer of uncertainty.
🇬🇧🇩🇪🇫🇷 Europe
| Index | Friday Close | Friday Move |
| FTSE 100 (UK) | 10,736.23 | +0.91% |
| DAX (Germany) | 25,099.00 | +1.36% |
| CAC 40 (France) | 8,372.28 | +0.88% |
European markets bounced back on Friday after a rough mid-week stretch where the same chip-stock selloff dragged the DAX, CAC 40 and Stoxx 600 sharply lower on Thursday. The European Central Bank held rates steady at its meeting during the week, shifting to a wait-and-see stance as eurozone inflation continues to cool.
🌏 Asia-Pacific
| Index | Friday Close | Friday Move |
| Nikkei 225 (Japan) | 64,611.15 | -2.73% |
| Hang Seng (Hong Kong) | 24,963.23 | -0.98% |
| Shanghai Composite | 3,814.20 | -1.61% |
Asian markets closed the week on a down note, tumbling Friday as investors reacted to the Wall Street tech rout and the oil price surge. Japan's Nikkei was the hardest hit, with chip and electronics names leading losses. China's central bank injected fresh liquidity into its banking system during the week to help cushion the impact of the new US tariffs on Chinese goods.
🛢️ Commodities & Currency
| Asset | Friday Level | Weekly Story |
| Brent Crude | $96.78/bbl | Topped $100 mid-week, first time since May |
| Gold | $4,070.80/oz | Up on the week, safe-haven demand |
| Canadian Dollar | 70.96¢ US | Little changed on the week |
Oil was the week's biggest story. Fresh Houthi attacks on tankers in the Red Sea and escalating US-Iran tensions near the Strait of Hormuz pushed Brent crude above $100 a barrel for the first time in two months, before it eased back nearly 4% on Friday as the immediate threat to supply routes cooled. That round trip is exactly why gas prices at the pump have been so unpredictable lately.
💡 What It Means for You: A flat week for the TSX headline number hides a lot of movement underneath — energy and gold stocks (common in Canadian dividend and balanced portfolios) had a strong week even as tech pulled the US market down. If you're topping up a TFSA or RRSP this summer, this is a good reminder that a diversified, broad-market approach smooths out weeks like this one. On the cost-of-living side, keep an eye on gas prices over the next week or two — even with Friday's pullback, Brent is still well above where it started the month, and pump prices tend to lag crude moves by several days.
📅 What to Watch This Week
- July 28–29: US Federal Reserve (FOMC) meets, with its rate decision due Wednesday at 2 p.m. ET. The current target range sits at 3.5%–3.75%.
- Ongoing: Middle East developments remain the key wildcard for oil prices and, by extension, inflation on both sides of the border.
- This week: More Big Tech earnings land, following disappointing capex commentary from Alphabet and Tesla.
- August 3: TSX closed for the Civic Holiday.
- August 19: The new 50% US tariff on select Canadian goods (wine, dairy, furniture, hockey gear) takes effect.
This Weekly Market Snapshot is for general information only and isn't personalized investment advice. Market levels reflect Friday's close and can move quickly — always check current prices before making a financial decision.
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