The TSX Composite closed nearly flat after gold miners and Canadian banks moved double digits in opposite directions, while US indices fell broadly on a semiconductor selloff ahead of the FOMC minutes.

A blowout jobs report pushed Canadian equities to a fresh high. A widening Iran conflict pushed oil and gold to their own. Friday's US retail sales miss cracked one of those stories without touching the other.

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.

WTI posted its sharpest single-session decline since February, yet the TSX Composite closed higher, lifted by easing bond yields that helped financials and rate-sensitive names outrun energy's drag. Wednesday's Fed decision determines which side of that divergence keeps winning.

The TSX closed at 35,578.04 on a battery metals and energy rally Wednesday, while Wall Street de-risked into two earnings reports that went on to confirm the worry.

Brent touched $90 and WTI hit $84.59 Monday on the same headlines, but Toronto and New York read them in opposite directions: U.S. indices rallied on a semiconductor rebound ahead of this week's earnings while the TSX's precious metals weighting dragged it lower.

The S&P 500 dropped 0.79% Monday and Nasdaq fell 1.55%, then both rebounded Tuesday alongside an IBM earnings collapse and a semiconductor whipsaw. The TSX Composite moved less than a point of range either day, and its sector mix explains why.

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.

June payrolls missed badly and the Dow hit a record the same morning. The gap comes down to which reference point the market was actually using.

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.

WTI dropped 4% premarket Friday. The S&P 500 added 1.75% Thursday. Nasdaq jumped 2.54%. The TSX faces the same sector rotation it saw in April, only this time the war premium has further to unwind.

The TSX composite fell approximately 0.3% on Wednesday as base metals, technology, and rate-sensitive sectors absorbed the Bank of Canada's two-way risk language while energy names partially offset the decline on renewed Hormuz escalation. The session illustrated a structural divide in the Canadian market that has persisted since late February.

The TSX hit 35,217 Thursday, then shed 803 points Friday on a jobs report that repriced the Fed. The sector rotation inside that decline is the real story.