Current Economics
Today's Market Brief — July 28, 2026
A plain-language snapshot of Canadian and global markets, reviewed before publishing.
Published 2026-07-28 · Educational information only
Markets Overview
The TSX closed at a fresh record high while U.S. markets were mixed to flat as investors positioned ahead of Wednesday's U.S. Federal Reserve rate decision. Easing Middle East tensions supported broader risk sentiment.
Canadian Equities (TSX)
The S&P/TSX Composite closed at a record 35,568.14, up 199.04 points (+0.56%), after touching an intraday all-time high of 35,592.10.
U.S. Equities (S&P 500, Dow, Nasdaq)
The Dow rose 0.51% to 52,210.08 and the S&P 500 was roughly flat (+0.02%) at 7,413.18, while the Nasdaq slipped 0.18% to 24,932.08 as semiconductor stocks broadly underperformed.
Bond Yields & Interest Rates
The U.S. 10-year Treasury yield eased slightly to around 4.63%–4.64%, down about 0.04 points from the prior session, with markets widely expecting the Federal Reserve to hold rates at its meeting this Wednesday, July 29.
Bank of Canada & Central Banks
The Bank of Canada held its policy rate at 2.25% on July 15, with Governor Macklem noting further hikes remain possible if oil prices spike; the next scheduled decision is September 2, 2026. The Federal Reserve's next decision is July 29, with a hold widely expected after cooler-than-expected inflation data.
Canadian Dollar (CAD/USD)
The loonie was roughly flat versus the U.S. dollar, with USD/CAD trading near 1.4113 (about CAD/USD 0.709).
Commodities (Oil & Gold)
Crude oil fell sharply to around US$82 a barrel after the U.S. and Iran paused strikes, easing supply-disruption concerns. Gold traded near US$4,090–4,140 an ounce, still well off January's record high near US$5,598, as reduced geopolitical risk tempered safe-haven demand.
Inflation & Economic Data
No new Canadian inflation data has been released since June's CPI report (2.8% year over year); the next release is expected August 17. In the U.S., recent inflation data came in cooler than expected, a key factor behind expectations for a Fed hold this week.
Global Markets Snapshot
Global sentiment has been volatile around Middle East developments — a pause in U.S.-Iran hostilities pulled oil sharply lower and lifted risk appetite, though headline risk remains elevated and could produce sharp swings in either direction.
What This Means
Day-to-day market moves are normal and are not a reason to change a long-term plan on their own. If today's news raises questions about your own portfolio, protection, or goals, that is a good reason to book a 30-minute session rather than react alone.
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