Friday's sector rotation mirrored Thursday's record close in reverse, and oil's refusal to react to stalled Hormuz talks confirms the story has moved from supply to demand.

Financials and technology carried the index to 36,759.29 while energy lagged and breadth stayed tight, even as bond yields hit a two year high.

Trump and Iran's foreign minister traded accusations over control of the strait, but the price move came from the IEA and OPEC's demand forecasts, not the conflict itself.

Canada's economy is running hotter than the Bank's own forecast while US inflation cools, and Government of Canada yields are already pricing the difference.

Government of Canada yields just climbed to their highest since 2024, and the gap with the CRA's locked family loan rate has not been this wide in years.

A well telegraphed inflation print produced exactly the pattern behavioural finance predicts, and the biggest single mover of the day was a decline.

Wednesday's fourth consecutive record close paired financials with gold miners. Thursday broke the pairing apart, and a cooler U.S. inflation print did not do for Canadian yields what it did for the Fed.

Wednesday's record TSX session came with a 12 percent single stock surge and a near 5 percent single stock decline on the same day. The sector rotation underneath the headline number is the more durable signal.

Brent snapped a six session rally Thursday, not because anything resolved in the Strait of Hormuz, but because a genuine forecasting split between the world's two largest energy bodies finally showed up in price.

The Bank of Canada has held at 2.25 percent for six straight meetings while GDP and employment blow past its own projections. In line US inflation on Wednesday just took away one reason to keep waiting.

The five year Government of Canada bond yield has climbed to a multi week high even as the Bank of Canada holds steady. For advisors, that gap is the actual client conversation this renewal season.

The TSX has closed at a record high in four of its last five sessions. The research on what that streak does to investor judgment should worry advisors more than the milestone excites clients.

A cooling US CPI print eased yields across North America Wednesday, but the TSX's fourth straight record now runs on gold, not oil, and Canada's own economic data still sits underneath the Fed's good news.

Canadian energy and industrial strength pushed the TSX composite to 36,475.92 on Tuesday, even as the Dow, S&P 500, and Nasdaq all closed lower on fading Hormuz optimism.

A CENTCOM missile strike, a deadly Houthi attack in the Red Sea, and a Trump demand for war reparations are running on one track this week. Advanced talks to reopen the Strait of Hormuz are running on another. Oil is pricing both at once.

The Government of Canada 10-year yield climbed to 3.75% even though the Bank of Canada has not moved its policy rate since October. The US July CPI report, due at 8:30am ET, is the print that resolves which economic signal wins.