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Weekly Market Snapshot: Geopolitical Fog Meets Earnings Season as Markets Grind Higher

Week ending April 24, 2026 | Canadian Money Brief – moneysavings.ca Markets this week found themselves caught between two powerful forces: a roaring U.S. earnings season pushing stocks to fresh records, and a simmering Middle East conflict keeping oil elevated and investor nerves frayed. For Canadians, that makes for a complicated but important picture heading into the last week of April. TSX Composite: Stuck in the Mud The S&P/TSX Composite spent the week trading in a tight band near the 34,000 mark, unable to mount a meaningful rally. Tuesday delivered a sharp blow — the index plunged over 550 points to close at 33,808 as U.S.-Iran ceasefire talks collapsed after U.S. Vice President JD Vance abruptly cancelled his Pakistan trip, where he was set to lead negotiations. Wednesday brought a partial recovery, with the TSX adding roughly 0.4% to close at 33,955 , helped by gains in energy and mining stocks following President Trump's announcement of an indefinite ceasefire ex...
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Canadian Market Wobbles Amid Tax Hike Concerns

 

In a climate of financial uncertainty, Canada’s main stock index, the S&P/TSX composite, dipped to a five-week nadir. Investors, already grappling with rising long-term borrowing costs, now face the specter of increased taxation. This trepidation stems from anticipations surrounding the imminent federal budget, which may include tax hikes as a measure to balance the government’s heavy spending.

The index’s downturn reflects a broader sentiment of caution, with the energy sector seeing a 1.7% decline and technology stocks falling by 1.3%. The financial sector was not immune to the downturn, experiencing a 0.6% drop. These figures are emblematic of a market poised on the brink of potential fiscal tightening, as the government seeks avenues to bolster its coffers in the face of expansive fiscal policies.

As the market awaits the consumer price index report, expected to reveal a rise in inflation to an annual rate of 2.9%, the air is thick with anticipation. The outcome of this report, coupled with the federal budget’s tax proposals, will likely be pivotal in shaping the market’s trajectory in the coming weeks.

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