This is the midday brief for Fri, Apr 24, 2026. View latest

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Midday Edition. Friday, April 24, 2026

Market context for passive investors.

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$42.35
+0.38%

Headline

Tech and emerging markets are carrying XEQT higher at midday.

XEQT is up 0.38% on the session, trading at $42.35, with the move driven by two distinct sources of strength. The U.S. sleeve is contributing the most in absolute terms, up 0.54% and adding roughly 0.24 percentage points, while a sharp advance in emerging markets, up 1.88%, is punching well above the sleeve's 5.3% weight with a 0.10 pp contribution. Canada is nearly flat at +0.04%, and international developed markets are adding a modest 0.06 pp. At roughly half the fund's recent average daily move of 0.77%, the session is constructive but not outsized.

How large is this afternoon's move?

Typical day · This afternoon's +0.38% move is 0.5× the 20-day average move.

This scale measures size, not what to do. Larger moves are a normal part of holding a global all-equity fund.

The Regions

  • Canada

    25.92% of XEQT

    • XIC.TO
    +0.04% +0.01 pts to XEQT

    The Canadian sleeve is effectively treading water, with gains in materials and financials largely offset by a sharp decline in energy. Canadian energy equities have dropped 1.71% on the session, dragging roughly 0.29 pp from the sleeve, consistent with oil prices falling after the U.S. extended a shipping waiver for foreign energy vessels. Materials and financials together have added enough to keep the sleeve just above flat.

    Canada market region icon

  • United States

    44.08% of XEQT

    • XTOT.TO
    • ITOT
    +0.54% +0.24 pts to XEQT

    U.S. technology is the single largest contributor to XEQT's gain, rising 2.70% and adding nearly 0.89 pp within the sleeve. An earnings-driven surge in semiconductor and hardware names, including Intel following a strong profit report, is behind much of that strength. Health care, communication services, and industrials are each down more than 0.75%, meaningfully offsetting the technology advance, which explains why the sleeve's net return of 0.54% is far narrower than the technology sector move alone.

    United States market region icon

  • Intl Developed

    24.61% of XEQT

    • XEF.TO
    +0.25% +0.06 pts to XEQT

    International developed markets are advancing broadly, with gains spread across Europe and Japan. Among the markets tracked, the Netherlands, Germany, and Switzerland are the standouts, rising 1.65%, 0.81%, and 0.70% respectively. Australia is the only market in negative territory at -0.20%. The sleeve's 0.25% gain is consistent with a broadly positive but unspectacular session across developed-market exposures.

    Intl Developed market region icon

  • Emerging Mrkts

    5.30% of XEQT

    • XEC.TO
    +1.88% +0.10 pts to XEQT

    Emerging markets are the session's most notable story relative to their weight. Taiwan-listed equities have risen 4.56% among the markets tracked, contributing over 1 pp within the sleeve, with TSMC cited as a driver of outperformance. South Korea has added 2.87%. Those two markets together account for the bulk of the sleeve's 1.88% advance. China is up a modest 0.85%, India is nearly flat, and Brazil is the only significant drag at -0.88%.

    Emerging Markets market region icon

Colored bars represent biggest contributors to XEQT's move this afternoon (threshold = ±0.1 percentage points). Returns are daily ETF price moves for tracked regional or sector categories and may differ slightly from raw index movements.

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The Hold Line

What stands out in this session is how concentration risk within sleeves is visible in both directions: U.S. technology is doing heavy lifting while health care and communication services pull back, and in emerging markets, two countries account for most of the sleeve's outsized move. For a passive holder of XEQT, that internal dispersion is the structure working as intended, not a cause for adjustment. The fund's YTD return stands at +5.45% and the 1-month figure at +7.35%, sitting roughly 1.1% below its 52-week high. The session's calm arithmetic is a reasonable place to end the week.

Signals

  • 01

    U.S. tech lifting a mixed sleeve

    U.S. technology's 2.70% advance is masking declines in five of the eight tracked U.S. sectors, including health care at -1.51% and communication services at -1.18%. For an XEQT holder, the U.S. sleeve's net 0.54% return reflects genuine breadth weakness beneath the headline, worth watching as earnings season continues.

  • 02

    EM weight punching above size

    At just 5.3% of XEQT, the emerging markets sleeve is contributing 0.10 pp to the fund's gain, matching what the much larger international developed sleeve is delivering from a 24.6% weight. The concentration of that move in Taiwan and South Korea means the sleeve's punch is as narrow as it is strong.

  • 03

    Canadian energy drag on flat sleeve

    Canadian energy's -1.71% decline is generating a -0.29 pp drag within the Canada sleeve, fully erasing gains from every other tracked Canadian sector combined. The sleeve's near-zero net return reflects an internal tug-of-war rather than a quiet session across the board.

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