Current Economics
Today's Market Brief — July 30, 2026
What's changed in markets since our last update on July 28 — inflation data is unchanged and not repeated below.
Published 2026-07-30 · Educational information only
Markets Overview
Markets reversed sharply from Tuesday's record highs. U.S. and Canadian stocks sold off Wednesday following the Federal Reserve's decision, compounded by an overnight escalation in Middle East tensions.
Canadian Equities (TSX)
The S&P/TSX Composite fell 1.16% to 35,333.78, pulling back from Tuesday's record close of 35,568.14.
U.S. Equities (S&P 500, Dow, Nasdaq)
U.S. stocks sold off hard: the Dow fell 2.19% to 51,594, the S&P 500 dropped 1.52% to 7,316, and the Nasdaq lost 1.74% to 24,443, with technology and industrial shares leading the declines.
Bond Yields & Interest Rates
The U.S. 10-year Treasury yield rose to about 4.68%, up from roughly 4.63%–4.64% earlier in the week, as bond markets read the Fed's hold as a sign it may be falling behind on inflation.
Bank of Canada & Central Banks
The Federal Reserve held its rate range at 3.50%–3.75% on Wednesday — its fifth consecutive hold — but the vote was unusually divided at 9-3, with three regional presidents dissenting in favour of a cut, citing inflation that has stayed above target for more than five years. No new update from the Bank of Canada; its next decision remains September 2.
Canadian Dollar (CAD/USD)
The loonie firmed slightly, with USD/CAD easing to about 1.4045 (roughly CAD/USD 0.712), from 1.4113 earlier in the week.
Commodities (Oil & Gold)
Oil jumped 6.6% to settle at US$84.46 a barrel after Iran's Revolutionary Guard reportedly launched missiles at U.S. forces and President Trump vowed a strong response — a sharp reversal from the ceasefire-linked pullback seen earlier in the week. Gold held relatively steady near US$4,100 an ounce.
Global Markets Snapshot
Middle East tensions escalated overnight, with reports of Iranian strikes on U.S. forces, drone attacks on Saudi oil facilities, and stalled talks over the Strait of Hormuz adding to risk-off sentiment across global markets.
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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