Celestica surged 9.5% and Constellation Software jumped 6.4% as the TSX closed at a third straight record Tuesday, while Cenovus and the gold miners lagged. Overnight, WTI reversed hard on Iran's missile attack, flipping the exact sector split that built Tuesday's record.

WTI posted its sharpest single-session decline since February, yet the TSX Composite closed higher, lifted by easing bond yields that helped financials and rate-sensitive names outrun energy's drag. Wednesday's Fed decision determines which side of that divergence keeps winning.

Oil's sharpest single session drop in weeks is pulling gold, bonds, and equity futures in the same bullish direction for a different reason. The TSX Composite, which closed Friday at 35,369.10, faces its steepest test of the sector rotation this month when energy names open.

The TSX fell 0.82% a day after a record close, as oil past $100 lifted energy but hit yield-sensitive banks. Energy and utilities were the only sectors to gain.

The TSX closed at 35,578.04 on a battery metals and energy rally Wednesday, while Wall Street de-risked into two earnings reports that went on to confirm the worry.

The index added 408.76 points to close at 35,369.08 Tuesday, its strongest session in weeks, as gold-linked miners outran even the energy names benefiting from still-elevated oil prices.

Energy led Monday's TSX sector split as crude touched a five week high, but Tuesday's mediation driven pullback in oil is the first real test of whether that leadership holds.

Brent touched $90 and WTI hit $84.59 Monday on the same headlines, but Toronto and New York read them in opposite directions: U.S. indices rallied on a semiconductor rebound ahead of this week's earnings while the TSX's precious metals weighting dragged it lower.

The S&P/TSX Composite closed Thursday at 35,340.15, down 0.21 per cent and essentially unchanged from Friday's close five sessions earlier. In between, the index touched a record high, then gave nearly all of it back in a single session, as elevated oil prices and falling gold prices pulled the benchmark in opposite directions all week.

The S&P/TSX Composite closed at 35,416.20 Wednesday, its third straight gain, as Canadian energy producers rallied on the Hormuz-driven oil surge while the index's gold miners, led by an 8.4 per cent drop in Franco-Nevada, absorbed the other side of the same trade.

The S&P 500 dropped 0.79% Monday and Nasdaq fell 1.55%, then both rebounded Tuesday alongside an IBM earnings collapse and a semiconductor whipsaw. The TSX Composite moved less than a point of range either day, and its sector mix explains why.

Energy strength was not enough to offset financials and materials on Bay Street, and Tuesday's steeper losses are landing in Asia, where Kospi is down 3.2% while North American futures sit close to flat.

Friday's close left the index within 0.9% of its June 17 high. Tuesday's US inflation data, Wednesday's Bank of Canada decision, and Warsh's first Congressional testimony now land inside a single 48 hour window, against a backdrop of oil already up more than 4% Monday.

The TSX gained 0.76% Thursday to 35,200, led by gold miners and the banks, even as the Iran conflict widened to two new countries. Why a U.S. chip rally and easing bond yields did the real work, and what a five-week, 613-point trading range says about Canadian equity exposure.

A single Iran headline pushed oil up and bond yields up at the same time, splitting the index into a clear winner and a clear group of losers underneath a headline decline of just under one percent.

WTI's jump to $74.35 lifted Methanex, South Bow, and ARC Resources more than 4% while HudBay Minerals and Energy Fuels fell over 6%, a split that says more about currency and sub-sector mechanics than about the price of oil itself.