The Dow fell 505 points Tuesday as bond markets kept repricing Friday's jobs report. Government of Canada yields moved with it, but the Canadian dollar strengthened anyway, and that split is the real story.

WTI is on its sixth straight higher session heading into the Tuesday open, U.S. futures are lower on Middle East and rate uncertainty, and the split puts Canadian energy names on the right side of both stories at once.

Five of the last six trading sessions broke the TSX average daily swing, but two of those five were gains. What is remembered from a week like this is not what happened.

A four-session trading week, Labour Day closed markets Monday, produced a war escalation, a hawkish Bank of Canada hold, and a dovish Fed comment, and none of it moved the Government of Canada 10-year yield. A single domestic jobs report did what all three could not.

A blowout US payrolls print reverses a week of rate-cut optimism that had pushed gold toward $4,700 an ounce, and the swing reaches Canadian portfolios directly through TSX-listed precious metals miners.

Iran's strikes near Kuwait have pushed Brent from under $89 to above $95 in three weeks, and the mechanism connecting that move to Canadian portfolios runs directly through the TSX energy sub-index, not around it.

A three-session slide gave way to a sharp bounce as the same war headlines that triggered the selling also powered the snapback, and loss aversion research explains why so many investors read the sequence backwards.

Materials stocks led a rebound Wednesday even as the Iran conflict widened, and the index remains within striking distance of the record it set three weeks ago.

A hawkish hold moved the loonie by six hundredths of a cent. Gold, silver and the TSX miners moved on something else entirely: a second wave of US strikes on Iran and Iranian retaliation across the region.

Canadian Natural Resources, Suncor and Cenovus climbed roughly 2% apiece as Brent extended its August rally, while Royal Bank, TD and the gold miners gave back ground on rising bond yields.

The GoC 10-year hit its highest close since early August as a worldwide sovereign selloff overwhelmed a 2.6% oil rally, weakening the loonie and the TSX the day before Wednesday's rate decision.

Oil-linked strength wasn't enough to save Monday's session, and futures point to more pressure Tuesday as the Strait of Hormuz conflict resumes and US rate-hike odds climb.

Monday's tanker attacks and the first direct US-Iran exchange in a month reopen a risk premium markets spent August pricing away. The mechanism runs straight through Canadian energy, the loonie, and tomorrow's Bank of Canada decision.

Friday's close at 36,553.92 marked a third straight down session from the August 25 record. Monday's session opens with oil up more than 3% on the weekend's Iran-US exchange, a direct reversal of what pulled energy names lower Friday.

A GDP beat erased the recession debate and bank earnings set a record Tuesday. Neither survived contact with Kevin Warsh's first Jackson Hole speech.

Statistics Canada delivered the strongest quarterly growth number in three years this morning. By afternoon the TSX was down anyway, tracking gold and the loonie lower on new Fed Chair Kevin Warsh's first Jackson Hole speech, while Wall Street read the same remarks and rallied.