Podcast
Hot Commodities
Will Simpson and Greg Wise
April 17, 2026
Are we heading into a commodities supercycle?
Markets kept the good vibes going this week, firmly in risk-on mode. The TSX finished up 1.8%, while U.S. markets gained again with the S&P 3.2%, the Dow 2.0%, and the Nasdaq ripping 5.4% in CAD terms. Small caps also joined the party, with the Russell 2000 up 4.3% and emerging markets tagged along up 3.7%. It was a pretty broad move higher, but once again led by growth and tech, which continues to feel like the engine under the hood right now.
The big catalyst today was geopolitics finally turning from a headwind into a tailwind. Iran declaring the Strait of Hormuz fully open to commercial traffic effectively removed the market’s biggest overhang, sending oil sharply lower. Hope we see that same move at the pumps soon! After weeks of markets grinding higher despite the conflict, this felt like the release valve. The tone has clearly shifted from “how bad could this get?” to “maybe this ends sooner than expected.” That said, it’s still early days and the path to a full resolution will still take some time, so there’s probably still some headline risk left in the system.
Stepping back, it’s starting to feel like we’re moving into a different phase where markets pivot back to fundamentals. With that said, even with the big overhang potentially behind us, markets will probably find something else to worry about soon enough.
As always, if you have any questions about your portfolio or know someone who could benefit from a second opinion, we are always happy to help.
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