Podcast
A Shift in Market Leadership
Will Simpson and Greg Wise
July 24, 2026
Technology stumbled this week as energy, commodities and precious metals continued to gain strength amid rising yields and renewed geopolitical tensions.
Markets were mostly stuck in neutral this week, but there was plenty moving beneath the surface. The TSX was essentially flat, while the S&P 500 slipped 0.2% in CAD terms and the Nasdaq fell 1.8% as chipmakers and other growth names came under pressure. Value held up better than growth, and international markets were firmer, led by Japan. In Canada, materials and energy were the clear winners, while technology fell 5%.
The renewed weakness came as both the trade war and the conflict with Iran moved back to the forefront. Brent Crude briefly pushed toward $100 as attacks expanded across key shipping routes, while the U.S. threatened a 50% tariff on a range of Canadian exports. Markets have become somewhat numb to tariff headlines, but the combination of higher energy prices and further trade disruption complicates the inflation outlook and leaves central banks in a difficult position.
Earnings have provided a more constructive backdrop. Roughly 150 S&P 500 companies have reported so far, and results have generally surprised to the upside. The price reaction has been more muted, which may suggest that a fair amount of good news is already reflected in prices. Next week brings results from Microsoft, Meta and Apple, where investors will be looking closely at any changes to the current capex expansion.
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