Current Economics
What's changed in markets since our last update on July 31 — Bank of Canada, the Fed, and inflation data have no new updates and are not repeated below.
Published 2026-08-03 · Educational information only
Markets extended Friday's rally into Monday, with U.S. futures pointing higher as Iran-linked tensions eased further and oil prices fell sharply.
The S&P/TSX Composite closed Friday at 35,226.14, down 279.70 points (-0.8%), as gold miners and technology shares pulled back.
U.S. stocks closed out last week at fresh highs: the Dow rose 0.53% to 52,485.03, the S&P 500 gained 0.7% to 7,489.72, and the Nasdaq jumped 1% to 25,373.85, helped by a 15% weekly surge in Amazon shares. U.S. futures were up between 0.5% and 0.95% heading into Monday's session.
The U.S. 10-year Treasury yield eased to about 4.69%, down from Friday's intraday high near 4.74%, as easing Iran tensions reduced some of last week's yield pressure.
Oil fell sharply after Iran reportedly agreed to suspend attacks as long as the U.S. keeps its own pause in place: WTI dropped about 3.7% to roughly US$79.55 a barrel and Brent fell around 4.2% to about US$84.58, a marked reversal from Friday's Strait of Hormuz tanker tensions. Gold edged up about 0.5% to near US$4,061 an ounce.
As of Friday's close, USD/CAD stood at 1.4021 (about CAD/USD 0.713), little changed on the week.
Global sentiment continues to stabilize after last week's sharp tech-driven swings, with signs of de-escalation in the Iran conflict and strong Big Tech earnings supporting the recovery.
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