Monday, August 24, 2026
Canadian and global markets opened a data-heavy week cautiously, with the TSX sitting just off record territory, gold pushing toward US$4,700/oz, and the loonie near three-month highs — all while investors wait on a U.S. announcement of new Iran sanctions and the Fed's Jackson Hole symposium later this week.
Canadian Markets
The S&P/TSX Composite closed Friday at 36,620.23, up 254.81 points or 0.70%, as a mining and gold-stock rally offset earlier weakness — though the index still finished the week down roughly 0.3% overall. Gains were led by gold miners (Agnico Eagle, Barrick, Wheaton Precious Metals all higher) after the U.S. Treasury signalled it would boost long-bond buybacks, pulling yields lower. Financials also firmed as softer retail sales data reinforced bets that the Bank of Canada will hold rates again at its September 2 decision.
| Index | Close (Fri) | Change |
|---|
| S&P/TSX Composite | 36,620.23 | +254.81 (+0.70%) |
The bigger Canadian story this week isn't a single session's close — it's the trade backdrop. The 50% U.S. tariff on a swath of Canadian goods has now been in effect for two full trading days, and Ottawa's own retaliation, confirmed for September 8, targets steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics. Markets have largely shrugged so far, but that could change once the specific tariff list is published.
U.S. Markets
Wall Street closed out last week higher, with the Dow adding roughly 1%, the S&P 500 up 0.4%, and the Nasdaq up 0.4%, as business-activity data came in at its strongest pace in more than four years. But Monday's tone is more guarded: Dow futures are roughly flat, while S&P 500 and Nasdaq futures are down about 0.2% and 0.5-0.7% respectively, as traders wait on two catalysts — Treasury Secretary Scott Bessent's press conference detailing fresh U.S. sanctions against Iran, and the Fed's Jackson Hole symposium, which kicks off Thursday and features new Fed Chair Kevin Warsh's first speech in the role on Friday. Nvidia's earnings, due later this week, are also in focus after recent chip-sector volatility.
| Index | Close (Fri) | Change |
|---|
| Dow Jones | 53,277.01 | +0.98% |
| S&P 500 | 7,674.37 | +0.43% |
| Nasdaq Composite | 26,180.46 | +0.43% |
Europe & Asia
Asian markets were mostly lower to start the week as bond-market pressure and a tech selloff weighed on sentiment. Japan's Nikkei 225 fell about 0.6% to 65,623, South Korea's Kospi dropped roughly 3.5% after Samsung shares tumbled 5.2% despite a large shareholder-return pledge, Hong Kong's Hang Seng slid about 2.1%, and mainland China's Shanghai Composite eased 0.7%. Australia's ASX 200 was a rare bright spot, up around 0.5% on mining strength. European indices were set for a cautious open, with investors watching for the same Iran-sanctions announcement and elevated global bond yields that pressured Asian trade overnight.
Commodities & Currency
Oil prices pulled back this morning, with both Brent and WTI down more than $1 as traders trimmed positions ahead of the U.S. Iran-sanctions announcement — WTI is trading near US$85 after topping US$93 (Brent) late last week on Middle East tensions. Gold continues its record run, trading near US$4,700/oz and building on a third straight weekly gain, as investors hedge against geopolitical and trade uncertainty. The Canadian dollar has strengthened to roughly 1.377-1.383 per U.S. dollar (about 72.5 U.S. cents), a near three-month high, supported by a broadly weaker greenback and still-elevated oil prices even as crude eases today.
What It Means for You
A stronger loonie is a small win at the gas pump and for U.S. cross-border shopping or travel, and it helps offset some of the sting from the new U.S. tariffs on Canadian exporters. But if you're planning to buy gold or gold-related investments, prices are at record highs — this isn't the cheapest entry point. And if your household or business relies on any of the goods named in Ottawa's September 8 retaliation list (steel, dairy, appliances, farm equipment, paper products, electronics), it's worth budgeting for price increases starting in about two weeks.
What to Watch
- Bessent's press conference today detailing new U.S. sanctions on Iran
- Canadian retail sales and U.S. PMI data, both due today
- Fed's Jackson Hole symposium, Thursday-Friday, with Chair Kevin Warsh's first speech in the role on Friday
- Nvidia earnings later this week
- Bank of Canada rate decision, September 2 (an 8th straight hold at 2.25% is still the favoured outcome)
- Details of Canada's September 8 retaliatory tariff list, expected in the coming days
- Gas tax holiday expires September 7 — about two weeks away
Market data reflects Friday, August 21 closing prices (last confirmed session) alongside Monday morning pre-market and overseas trading levels. This article is for informational purposes only and does not constitute financial advice.
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