Current Economics
What's changed in markets since our last update on July 30 — Bank of Canada, the Fed, and CAD/USD have no new updates and are not repeated below.
Published 2026-07-31 · Educational information only
Markets rebounded from Wednesday's selloff. Canadian and U.S. stocks were mixed to higher Thursday and Friday as strong Big Tech earnings offset ongoing Middle East jitters and surging bond yields.
The TSX Composite climbed to 35,505.84 on Thursday (+172.06 points), though it was trading lower again in Friday's session, dragged by basic materials and technology shares.
U.S. stocks extended Thursday's rebound into Friday: the S&P 500 rose 0.67%, the Dow added 0.38%, and the Nasdaq jumped 1.32%, with Amazon shares rallying on strong quarterly results while Apple slid on a disappointing sales outlook.
Treasury yields kept climbing to multi-year highs: the 10-year touched 4.737% intraday, its highest since January 2025, while the 30-year approached 5.22%, a level not seen since 2007.
Oil stayed volatile but little changed near US$84 a barrel after Iran reportedly struck two tankers transiting the Strait of Hormuz — an incident U.S. and British maritime security agencies have not confirmed. Gold eased slightly to about US$4,086 an ounce.
Iran and Oman continue swapping competing proposals over oversight of the Strait of Hormuz, with Iran pushing to control transit lanes on its own side rather than accept a joint-oversight plan — keeping global energy markets on edge.
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