This is the midday brief for Wed, Jun 24, 2026. View latest

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Midday Edition. Wednesday, June 24, 2026

Curated market context for passive investors.

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$44.96
+0.04%

Headline

U.S. equities recover as Canada retreats on falling oil prices.

XEQT edged up 0.04% to $44.96 in midday trading as conflicting forces nearly offset each other. The U.S. sleeve contributed 0.200 percentage points, driven by strength in consumer discretionary and industrials as bond yields fell and oil prices eased. Canada dragged down the fund by 0.166 percentage points, weighed by losses in energy and base metals following a 3.47% slide in crude prices. Intl Developed and Emerging Markets were essentially flat, adding just 0.024 percentage points combined.

How large is this afternoon's move?

Typical day · This afternoon's +0.04% move is <0.1× 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

    25.12% of XEQT

    • XIC.TO
    -0.66% -0.17 pts from XEQT

    Canada declined 0.66% as crude oil collapsed 3.47%, pulling down the energy and materials sectors. Within the sleeve, base metals fell 3.45% and energy dropped 3.05%, together accounting for nearly 85% of the sleeve's loss. Technology was the lone bright spot, rising 4.11%, while consumer staples added 2.22%, but these gains were overwhelmed by commodity weakness.

    Canada market region icon

  • United States

    45.08% of XEQT

    • XTOT.TO
    • ITOT
    +0.44% +0.20 pts to XEQT

    The U.S. sleeve advanced 0.44% as markets halted a slide driven by artificial intelligence concerns. Consumer discretionary rebounded 1.98% and industrials rose 1.44%, suggesting bargain buying in beaten-down segments. Falling bond yields and easing oil prices helped ease pressure on equities, though technology edged down 0.29% and energy fell 1.94%, consistent with the broader commodity retreat.

    United States market region icon

  • Intl Developed

    24.59% of XEQT

    • XEF.TO
    +0.06% +0.01 pts to XEQT

    International developed markets were essentially flat, advancing just 0.06% as uncertainty about geopolitical developments kept European momentum muted. Switzerland led within the tracked exposures, rising 1.22%, while Germany, Spain, and Italy each declined modestly between 0.88% and 1.00%. The UK was roughly flat at minus 0.19%, leaving the sleeve balanced between scattered strength and headwinds.

    Intl Developed market region icon

  • Emerging Mrkts

    4.99% of XEQT

    • XEC.TO
    +0.20% +0.01 pts to XEQT

    Emerging markets were essentially unchanged at plus 0.20% as South Korea's 1.74% rebound on bargain hunting in semiconductor shares offset weakness in Taiwan and China, each down roughly 0.60%. India added 1.05%, supporting the sleeve, while South Africa fell 2.38%. South Korea's strength alone contributed 0.375 percentage points, a telling sign of selective recovery within the broader emerging market complex.

    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.

The Hold Line

XEQT's near-flat performance masks a stark regional divergence: U.S. equities recovered from the week's technology selloff while Canada retreated on energy and materials weakness tied to falling crude prices. The U.S. sleeve outweighed Canada's drag by more than 0.36 percentage points, a meaningful contribution given XEQT's minimal net move. Emerging markets held steady, with South Korean strength offsetting losses in Taiwan and China. For a disciplined long-term holder, such sessions are instructive. The divergence reflects sector and commodity-price swings within a stable portfolio; neither the rally in the United States nor the decline in Canada warrant a shift in your allocation.

Signals

  • 01

    Volatility rises as crude retreats

    Oil prices fell 3.47% and the VIX climbed 8.45%, signaling a shift from risk-on confidence to cautious positioning. The VIX's move, which measures equity volatility and investor fear, is above the typical daily range and reflects lingering concern over artificial intelligence spending justification, even as stocks stabilized.

  • 02

    U.S. sector rotation favors cyclicals

    Within the U.S. sleeve, consumer discretionary outperformed technology by more than 2.27 percentage points after weeks of megacap weakness. This rotation from defensive profit-taking into speculative buying is consistent with the broader recovery in beaten-down segments and worth watching as the market digests whether the AI sell-off has run its course.

  • 03

    Commodity sectors bear nearly all Canada's decline

    Canada's energy and materials sectors absorbed the day's losses almost entirely, contributing minus 1.09 percentage points combined. This concentration of pain in commodity-exposed sectors, while the rest of the portfolio held steady, underscores how XEQT's diversification softens individual sector shocks without requiring you to predict or time their recovery.

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May 28 to Jun 24 · $44.36 → $44.96

+1.35%