The TSX shed 368 points on June 3, pulling back 1.05% from Tuesday's all-time high of 34,899. Energy gained 1.19% while financials lost 0.64%. The composite decline masked a rotation that reveals exactly what the market believes about the Hormuz supply floor.

The TSX closed at 34,769 on Friday, up 0.73%, as financials, tech, and gold miners advanced while the energy sub-index fell 1.16%. The S&P 500 posted its ninth consecutive weekly gain, closing at 7,580. The Dow crossed 51,000 for the first time. The AI earnings cycle and the ceasefire trade are pulling the two markets in the same direction for opposite reasons.

Wednesday's 0.70% TSX decline was driven almost entirely by a single event: Iranian state media's report of a draft Hormuz MOU that the White House immediately denied. Thursday morning, after the IRGC struck a U.S. airbase overnight, oil is back up 2% and TSX futures are higher. The Dow hit a record close both days.

Monday's 1% TSX gain happened without US participation. Tuesday's session -- the first with both markets open since the Iran framework -- will test whether the relief trade holds or overshoots.

Energy gained 2.3%. Mining lost between 2% and 6%. Financials dropped. Tech retreated. The index nearly flat is an arithmetic accident produced by one sector offsetting everything else. The US 30-year yield at a 19-year high is what drove the session.

The TSX fell 0.5% Wednesday as technology names dropped 2% to a one-month low while energy stocks held steady above $100 oil. The divergence tells a specific story about how the Canadian market is pricing the Hormuz supply shock versus the inflation-driven rate re-rating.

Oil's elevated floor is holding energy names aloft while U.S. equities close at records. The divergence between the two markets tells the story of two very different risk calculations.

S&P 500 +3.6%, Nasdaq +4.7%, Dow +3%. Best weekly gain since November, snapping a five-week losing streak. S&P closed Friday at 6,816.89, Nasdaq at 22,902.89, Dow at 47,916.57.

The market's biggest single-day surge in months followed a ceasefire that still hasn't actually opened the Strait of Hormuz. The psychology of relief is one of the most well-documented sources of inve

The TSX closed up 383 points at 33,620 on Wednesday -- a broad relief rally driven by the US-Iran ceasefire announcement. The S&P 500 gained 2.52%, the Dow added 1,329 points, and the Nasdaq rose 2.82

The S&P 500 closed up for a seventh straight session, the longest streak since October 2025 -- on a day WTI crude rose roughly 6% back toward $100, software shares sold off inside the rally, and Iran

The ceasefire produced an immediate relief rally: S&P 500 futures up 2.7%, Nasdaq futures up 3.5%, oil down 14-16% overnight after Trump announced the two-week Islamabad Accords late Tuesday

Trump has set an 8 PM ET deadline tonight for Iran to reopen the Strait of Hormuz or face strikes on its power plants and bridges -- the third deadline he has issued and extended since the conflict be

TSX is up 0.27% in morning trading, sitting near 33,196, with financials leading gains -- RBC, TD, BMO, and CIBC all advancing between 0.65% and 0.9%. Energy is broadly flat despite oil edging slightl

Brent crude closed near $106, down nearly 3%, on the same session in which U.S. forces struck Kharg Island, Iran's primary oil export terminal. Oil moving down on confirmed physical destruction of Ira

One year ago today, the S&P 500 had already fallen 10% from Liberation Day's announcement, and investors were panic-selling into one of the fastest market drops in decades