This is the close brief for Tue, Apr 7, 2026. View latest

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Close Edition. Tuesday, April 7, 2026

Market context for passive investors.

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$40.59
-0.12%

Headline

Iran deadline whipsaws markets, but XEQT barely moves

U.S. stocks fell sharply early in the session as President Trump's 8 p.m. ET deadline for Iran to reopen the Strait of Hormuz approached, then recovered most of the loss in late trading after Pakistan's prime minister requested a two-week extension and urged Tehran to open the strait. European shares closed down roughly 1% before the late-session rally in the U.S., providing the only meaningful headwind for XEQT. The net result for XEQT holders was a decline of just 0.12%, with the U.S. sleeve nearly unchanged by the close.

The Regions

  • Canada

    26.33% of XEQT

    • XIC.TO
    +0.19% +0.05 pts to XEQT

    The TSX edged up 0.19%, supported by financial sector strength from major banks, with some energy producers gaining on elevated oil prices as crude settled near $113 per barrel amid the Iran-related supply concerns.

    Canada market region icon

  • United States

    43.28% of XEQT

    • XTOT.TO
    • ITOT
    +0.01% +0.01 pts to XEQT

    The U.S. sleeve was effectively flat at 0.01% after a dramatic intraday reversal, with the S&P 500 falling as much as 1.2% on Iran deadline fears before recovering nearly all losses in late trading after Pakistan's prime minister requested a deadline extension and asked Tehran to reopen the Strait of Hormuz.

    United States market region icon

  • Intl Developed

    25.19% of XEQT

    • XEF.TO
    -0.35% -0.09 pts from XEQT

    European shares declined, with the Stoxx Europe 600 closing down around 1% in London, as ongoing Middle East military strikes and Trump's Iran deadline weighed on sentiment, with ASML falling over 4% on proposed tighter U.S. chip export restrictions, making Intl Developed the main drag on XEQT at negative 0.089 percentage points.

    Intl Developed market region icon

  • Emerging Mrkts

    5.12% of XEQT

    • XEC.TO
    -0.05% -0.00 pts from XEQT

    XEC.TO slipped 0.05% on the day, contributing a negligible negative 0.003 percentage points to XEQT; specific session drivers were not identified in available sources.

    Emerging Markets market region icon

The Hold Line

XEQT slipped just 0.12% on Tuesday, a remarkably small move given how sharply global equities were whipsawed by the Iran deadline story. Canada added a few basis points, the U.S. nearly flat-lined after recovering most of a 1.2% intraday drop, and international developed markets were the only meaningful drag at 0.35%. Diversification across four global sleeves is doing exactly what it is supposed to do on days like this, and nothing in today's session changes the long-term case for staying invested.

Signals

  • 01

    Oil near $113 on Hormuz disruption

    U.S. crude settled near $113 per barrel on Tuesday as the Iran conflict continued to restrict tanker flows through the Strait of Hormuz; elevated oil tends to benefit Canada's energy-heavy TSX, which partially offset global weakness in XEQT today, but no action is warranted for a diversified passive holder.

  • 02

    Iran deadline and diplomatic signals

    Trump set an 8 p.m. ET deadline for Iran to agree to reopen the Strait of Hormuz, with late-session diplomatic signals from Pakistan providing relief; the situation remains fluid and is the dominant geopolitical backdrop for markets this week, but XEQT's broad diversification means no reallocation is needed.

  • 03

    U.S. chip export restrictions tighten

    U.S. lawmakers proposed tighter restrictions on exports of chipmaking tools to China, sending ASML down over 4% in Europe today; this is a continuing theme for semiconductor-exposed international stocks, but it affects only a portion of the Intl Developed sleeve and does not change the long-term thesis.

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