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.
Please click May 2026 above to read our full commentary.
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.
Please click April 2026 above to read our full commentary.
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.
Please click March 2026 above to read our full commentary.
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 growth. Equity markets generally advanced, but performance was more balanced across sectors compared to the technology-driven gains that characterized much of 2025.
Please click February 2026 above to read our full commentary.
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 growth characteristics.
Please click January 2026 above to read our full commentary.