Market Commentary

June 2026

June marked a constructive conclusion to the first half of 2026, with financial markets demonstrating impressive resilience despite a year characterized by geopolitical uncertainty, conflicting inflation signals, and evolving central bank expectations. While volatility remained elevated throughout much of the first quarter, investor confidence strengthened during the second quarter as corporate earnings continued to exceed expectations and concerns surrounding the conflict in Iran moderated. By month-end, markets had largely recovered from the March correction, underscoring the importance of remaining disciplined through periods of heightened uncertainty.

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May 2026

May marked a meaningful shift in market sentiment as investors moved beyond many of the concerns that dominated the first quarter. Equity markets in both Canada and the United States posted strong gains, supported by resilient economic data, conflicting inflation expectations, and a corporate earnings season that generally exceeded expectations. While geopolitical tensions remained a consideration, markets increasingly focused on fundamentals, particularly the strength of corporate profitability and continued investment in artifical intelligence and infrastructure.

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April 2026

April marked a significant reversal from the risk-off environment that dominated March, as equity markets rebounded sharply following easing geopolitical tensions, stabilizing oil prices, and stronger-than-expected corporate earnings. Investor sentiment improved meaningfully during the month, particularly in the United States, where large-cap technology and AI-related companies once again assumed market leadership after experiencing considerable weakness in March.

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March 2026

March introduced a notably more cautious tone to markets, as investors shifted into a risk-off posture driven by a combination of geopolitical tensions, persistent inflation, and rising bond yields. The escalation of the conflict in Iran acted as a catalyst, disrupting global energy markets and pushing oil prices higher. This renewed inflation concerns, and led to a repricing of central bank expectations, with investors scaling back the likelihood of near-term interest rate cuts. As a result, equity markets declined during the month, particularly in the United States as well as other energy-importing countries, while Canadian markets proved more resilient but still ended modestly lower.

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February 2026

February continued the constructive start to 2026, though the tone of markets shifted modestly as leadership broadened and investors recalibrated expectations around monetary policy and grow" style="display:flex; align-items:center;th. Equity markets generally advanced, but performance was more balanced across sectors compared to the technology-driven gains that characterized much of 2025.

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January 2026

Happy New Year!

January marked a constructive start to 2026, with markets building on the momentum established late last year, though leadership began to broaden meaningfully beneath the surface. Equity markets generally advanced despite ongoing cross-currents from economic data and central-bank messaging. While technology and AI-related names remained influential, investors increasingly allocated capital to companies in other sectors, reflecting a shift toward earnings durability, valuation, and predictable grow" style="display:flex; align-items:center;th characteristics.

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