This is the midday brief for Thu, Jun 25, 2026. View latest

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Midday Edition. Thursday, June 25, 2026

Curated market context for passive investors.

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$44.70
+0.32%

Headline

Canada's industrial and materials strength offsets U.S. consumer pullback in midday trading.

XEQT gained 0.32% to 44.70 in midday trading as Canada and international developed markets offset modest U.S. weakness. Canada's sleeve delivered a 0.68% rise led by strength in materials and industrials, which together accounted for nearly all the sleeve's contribution despite declines in technology and utilities. The U.S. sleeve retreated 0.26% as consumer discretionary and communication services fell, though industrials and health care posted solid gains. International developed markets rose 0.65% after Micron Technology's upbeat earnings reignited demand for semiconductors across Japan and Europe. Emerging markets advanced 0.69% despite China's decline, with South Korea's 3.59% surge driving most of that sleeve's contribution.

How large is this afternoon's move?

Typical day · This afternoon's +0.32% move is 0.4× 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

    25.01% of XEQT

    • XIC.TO
    +0.68% +0.17 pts to XEQT

    Canada's 0.68% gain was anchored by materials jumping 1.83% and industrials rising 1.49%, together accounting for over 0.45 percentage points of the sleeve's return. Financials contributed another 0.20 percentage points with a modest 0.56% advance. Technology and utilities both declined, with IT down 0.64% and utilities essentially flat, limiting the overall sleeve gain. The broad-based strength in commodity-linked and industrial sectors reflects rising oil prices and renewed appetite for economically sensitive equities.

    Canada market region icon

  • United States

    45.09% of XEQT

    • XTOT.TO
    • ITOT
    -0.26% -0.12 pts from XEQT

    The U.S. sleeve's 0.26% decline masked a rotation from consumer sectors into industrials and health care. Industrials surged 2.14% and health care climbed 1.66%, collectively offsetting losses in consumer discretionary (down 1.13%) and communication services (down 0.81%). Technology held relatively steady at plus 0.48%, supported by the semiconductor strength following Micron's results, while financials edged up 0.16%. The session reflects a shift away from rate-sensitive consumer spending toward cyclicals and health care.

    United States market region icon

  • Intl Developed

    24.61% of XEQT

    • XEF.TO
    +0.65% +0.16 pts to XEQT

    Japan's 1.00% gain drove much of the international developed advance as semiconductor and AI-related stocks responded to Micron's strong guidance. The United Kingdom added 1.09% with financial and retail companies posting solid business updates. Germany rose 1.44% and Switzerland climbed 1.14%, both buoyed by the chip sector's rebound and positive economic signals. Together these four markets accounted for roughly 0.64 percentage points of the sleeve's 0.65% return, confirming that tech sector strength and falling oil prices anchored the international developed sleeve move.

    Intl Developed market region icon

  • Emerging Mrkts

    5.01% of XEQT

    • XEC.TO
    +0.69% +0.03 pts to XEQT

    South Korea's 3.59% surge dominated the emerging markets sleeve, driven by semiconductor heavyweights responding to the Micron forecast and global chip sector revival. Taiwan added 0.42%, offering modest support, while Brazil and South Africa each rose roughly 1.5 to 2.0%. China declined 1.34%, dampening gains, along with smaller losses across India, the UAE, and Saudi Arabia. South Korea's contribution of 0.81 percentage points alone accounts for the bulk of the sleeve's 0.69% return, reflecting the outsized weight of semiconductors within the emerging tech ecosystem.

    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 modest advance reflects divergent forces within each sleeve. Canada's materials and industrials surge offset weakness in technology, while the U.S. gained on industrials and health care despite pullback in discretionary and communication services. International developed markets found support in Japan and the United Kingdom after Micron's strong guidance renewed confidence in semiconductors. Emerging markets saw Asia's tech-driven strength overcome China's decline. The session remains well within recent trading ranges, with rolling-month returns near session highs despite gyrations across individual sectors.

Signals

  • 01

    Semiconductor strength lifts Asia markets

    South Korea's equities surged 3.59% in response to Micron Technology's upbeat guidance, reigniting confidence in the AI and semiconductor trade across emerging and developed markets alike. For a long-term XEQT holder, this concentration of gains within a single country during a sector rally underscores the volatility of emerging tech exposure, even as the absolute contribution to the portfolio remains modest at 0.04 percentage points.

  • 02

    U.S. rotation favors industrials over consumer

    Within the U.S. sleeve, industrials jumped 2.14% while consumer discretionary fell 1.13%, signaling a sharp shift away from interest-rate-sensitive discretionary spending toward cyclical manufacturing and infrastructure. This rotation aligns with falling Treasury yields (down 0.55% today) and suggests markets are pricing in slower economic growth rather than responding to fresh economic strength.

  • 03

    Commodity rally drives Canadian sector concentration

    Canada's gains concentrated in materials and industrials worth nearly 0.45 percentage points while technology declined, a pattern consistent with rising oil (up 1.61%) and copper (up 2.10%) prices that support commodity-linked sectors. The divergence between strength in commodities and weakness in TSX technology is worth watching as a potential leading indicator of broader resource appetite versus tech appetite.

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May 29 to Jun 25 · $44.50 → $44.70

+0.46%