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Weekly Market Snapshot: TSX Hits Record High, Then Retreats as Fed Shocks Markets

  Week of June 16–20, 2026  |  Published June 20, 2026 It was a week of records and reversals for Canadian investors. The TSX touched an all-time high midweek before a hawkish surprise from the U.S. Federal Reserve and falling oil prices — triggered by the U.S.–Iran interim peace deal — pulled markets lower into Thursday's close. Here's everything that moved the needle for your portfolio and wallet this week. 📊 Weekly Market Scorecard Index / Asset Level (June 19 Close) Week Change S&P/TSX Composite 34,857 ▼ Mixed (high: 35,629 Wed.) S&P 500 (USD) 7,500.58 ▲ +1.08% (Wed.) Dow Jones (USD) 51,564.70 ▲ +0.14% (Wed.) Nasdaq (USD) 26,517.93 ▲ +1.91% (Wed.) WTI Crude Oil (USD/barrel) ~$76.54 ▼ Sharp weekly decline Gold (USD/oz) ~$4,157 ▼ Fell on hawkish Fed CAD/USD (Loonie) ~$0.7068 ▼ Under pressure Note: U.S. markets were closed Friday, June 20, for the Juneteenth National Independence Day holiday. TSX figures reflect Thursday's close. 🇨🇦 TSX: A Record High That Did...

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U.S. and Iran tensions escalate after rocket attacks in Iraq

 

The U.S. and Iran are locked in a cycle of violence that threatens to spiral out of control, as both sides exchange rocket attacks and warnings in Iraq. The latest round of hostilities began on Sunday, when Iran-backed militias fired rockets at a U.S. base near Baghdad, killing a U.S. contractor and wounding several others. The U.S. responded by launching airstrikes on militia targets in Syria and Iraq, killing at least four fighters and injuring dozens more.

The U.S. said the strikes were a “proportionate” and “defensive” response to deter future attacks, but Iran and its allies condemned them as a “flagrant violation” of Iraqi sovereignty and international law. Iran’s foreign ministry spokesman said the U.S. was “taking the wrong path” and warned of “consequences” for its actions. The militias vowed to avenge their fallen comrades and continue their resistance against the U.S. presence in Iraq.

The situation has put the Biden administration in a difficult position, as it seeks to revive the 2015 nuclear deal with Iran that was abandoned by former president Donald Trump. The deal, which lifted sanctions on Iran in exchange for curbs on its nuclear program, was seen as a way to ease tensions and prevent a regional war. However, the deal has been unraveling since Trump withdrew from it in 2018 and reimposed harsh sanctions on Iran, prompting Iran to resume its nuclear activities and increase its support for militias in the region.

Biden has expressed his willingness to rejoin the deal, but only if Iran returns to full compliance first. Iran, on the other hand, has demanded that the U.S. lift all sanctions before it reverses its nuclear steps. The two sides have not yet agreed on a format or a timeline for negotiations, and the recent violence has further complicated the prospects for diplomacy. Some analysts fear that the escalation could undermine the chances of a peaceful resolution and push the region closer to the brink of war.

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