Deal-hope optimism sent the TSX to a financials-led record while Canada's 10-year yield spiked to a 26-month high on the same day, pricing the same story two different ways.

Strathcona Resources led an 8.74 percent gain on rising Hormuz-driven crude, while Monday's worst performers fell on unrelated company-specific news.

A two cent earnings miss overshadowed 50 percent earnings growth, a production beat and a deal that clears the path to an IPO.

WTI and Brent jumped roughly 4 percent as Washington and Tehran each pointed to the naval blockade as the actual obstacle, a sharper claim than either side has made in weeks. Gold barely moved and the Canadian dollar stayed flat, leaving the loonie without the lift its own yield advantage and oil's rally would normally provide.

Gold miners carried the index to 36,381.23 while banks lagged on BoC risk. Monday's early tape already shows oil reclaiming the leadership gold held Friday.

A blowout Canadian jobs report and a shock US payrolls miss sent the TSX and S&P 500 to record highs this week, pushed gold to a two-month high, and knocked Brent crude down more than 7%, even as the Strait of Hormuz shipping deal stayed stalled in Iran's parliament.

A quiet 0.03% index decline masked a 27% single-stock collapse and a 13% share-offering hit, while a blowout Canadian jobs report set up a stronger Friday open.

Financials have gained 22% since the war began in February while materials fell 25%. The rotation behind that split, not Wednesday's single session, is what built the TSX's record, and Thursday's oil whipsaw shows the war that caused it hasn't actually ended.

Shopify's 16.5% surge and a broad gold miner rally carried the index to 36,146.42. Thomson Reuters and Suncor Energy both beat estimates and both closed lower, a split the headline number does not show.

CRA confirmed the Q4 rate this week based on July Treasury Bill yields. The rate itself is not the risk in a prescribed rate loan strategy. Missing the annual interest payment is.

The revenue growth rate barely moved between the two quarters. What moved was which AI story investors were telling themselves that week.

Every major index closed higher Wednesday on Hormuz de-escalation hopes, but gold's largest single-session gain of the week and oil's near-flat close tell a more cautious story than the record headlines do.

The composite gained 1.63% Tuesday on Hormuz optimism, but the sector-level data shows two different markets trading inside the same session: materials up 4.7% on a safe-haven gold rally, energy down as WTI fell 6.36% on the identical headline.

The TSX gained more in one Tuesday session than it lost all of Friday, and gold did the heavy lifting again. But the Government of Canada bond curve eased instead of rising, and the loonie could not hold Friday's level, which is the more useful signal for what happens at the Bank of Canada's September 2 decision.

The S&P/TSX Composite finished the long weekend at 35,226.14, down 0.79 percent on a gold-driven materials selloff and a 11.27 percent TELUS dividend cut. Both the gold price and the oil price that shaped Friday's session have moved since, and not in the same direction.

The 55 percent reset ends a run of twenty straight quarterly increases and closes out TELUS's dividend growth program entirely. What actually changes for a client depends on whether the shares sit in a TFSA, an RRSP or a non-registered account, and the September 10 record date sets the planning window.