Energy and materials led Monday's pullback in Toronto while AI-driven buying pushed the Dow to a record close in New York. Tuesday's shipping attack in the Strait of Hormuz has barely moved oil, leaving Canadian energy names to open into the same soft price that pressured them Monday.

The TSX closed in on a record high, but the sector leadership behind the move signals a rate story, not an oil story.

The US economy added 57,000 jobs in June against a 110,000 consensus, and Thursday's market reaction split cleanly along risk lines. The TSX edged higher on gold miner strength while the S&P 500 closed mixed. WTI held near $68.56. The week's defining move was not in equities. It was in the Fed probability strip.

The composite had to price two American sessions in one open after Canada Day. CNQ fell 3.5%, Suncor 3.2%, while utilities and financials rose more than 1% on the U.S. jobs miss.

Crude has rolled all the way back to pre-war levels even with Hormuz still unresolved, and Canadian energy stocks are absorbing the hit while the broader index holds near record territory.

The composite rose 0.4% to 34,980. Energy and banks fell, mining rallied even as gold itself fell, and tech extended a separate run, all on the same session's Hormuz headlines.

The slide pulled the TSX energy sub-index down nearly 4% in Friday trading, the sharpest one-day move since the Strait of Hormuz reopening began.

Energy and gold names dragged the TSX down 0.5% Tuesday. A blowout Micron earnings report overnight has flipped the script for Canadian tech names heading into Thursday's session.

The composite slipped 0.21 percent Tuesday after Monday's gain, but the headline number hides a split: financials firmer on a regulatory tailwind, energy and gold names softer as their commodity supports both retreat.

The S&P/TSX Composite closed at a fresh high on bank and gold-miner strength even as crude oil fell more than 3%, a sector rotation that tells Canadian portfolios more than the day's net index move does.

WTI's slide toward the mid 70s and a stronger US dollar are hitting Canadian sectors very differently this week. The mechanism behind the divergence, and what it means heading into Monday's open.

Canadian General Investments' Greg Eckel called it a two sector hit. Toromont Industries posted the day's biggest single name move, up 15.1%, for reasons that had nothing to do with either story.

The TSX dropped 0.75% to 35,125 Wednesday as energy and gold miners absorbed a collapsing oil price while new Fed Chair Kevin Warsh delivered a hawkish surprise that hit banks too.

The composite touched roughly 35,408 in the late morning, its fourth straight June record, before a firmer-than-expected Fed signal pulled the index down through the early afternoon. Materials held the gains. Energy gave back ground it had already lost this week.

The TSX closed at 35,297 on June 15, a fresh all-time high, while Suncor fell 3.2% and WTI dropped more than 5%. A record set on a day when the index's largest commodity sector declines is not a uniform rally. It is a structural rotation, and it changes what the second half of 2026 looks like for Canadian portfolios.

The Iran deal drove global markets sharply higher Monday morning. But the TSX is split: energy names are selling off while financials and rate-sensitives surge. Understanding the rotation is the analysis.