This is the midday brief for Thu, Jul 9, 2026. View latest

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Midday Edition. Thursday, July 9, 2026

Curated market context for passive investors.

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$45.22
+0.74%

Headline

XEQT advances 0.74% at midday with all four sleeves rising and technology and materials leading the way

XEQT was trading at $45.22 midday, up 0.74% on the session, with all four regional sleeves in positive territory. The U.S. sleeve is contributing the most in absolute terms, led by technology, while Canada is showing the strongest percentage gain, driven by a sharp rise in materials. International developed markets and emerging markets are both adding modestly to the advance, giving the session an unusually broad character. The VIX, a gauge of expected U.S. equity volatility, has fallen nearly 5% on the day, a backdrop consistent with the broad risk-on tone across sleeves.

How large is this afternoon's move?

Typical day · This afternoon's +0.74% move is 1.2× 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

    25.03% of XEQT

    • XIC.TO
    +0.91% +0.23 pts to XEQT

    Canada is the strongest sleeve by percentage, up 0.91%, contributing 0.23 percentage points to XEQT. Materials are doing the heavy lifting, rising 3.23% among the sectors tracked, with gold up 1.5% providing a clear tailwind for miners. Financials, the sleeve's largest sector, added further support with a 1.08% gain, more than offsetting declines in energy, where crude oil's 2% drop is weighing on producers.

    Canada market region icon

  • United States

    45.44% of XEQT

    • XTOT.TO
    • ITOT
    +0.55% +0.25 pts to XEQT

    The U.S. sleeve is up 0.55% and contributing 0.25 percentage points, the largest absolute contribution to XEQT midday. Technology is responsible for the bulk of that move, gaining 2.38% among the sectors tracked, with financials and industrials providing secondary support. Consumer staples and energy are both lower on the session, but their combined drag is small relative to the technology-led lift.

    United States market region icon

  • Intl Developed

    24.33% of XEQT

    • XEF.TO
    +0.56% +0.14 pts to XEQT

    International developed markets are up 0.56%, contributing 0.14 percentage points. Japan is the standout among the markets tracked, with AI and semiconductor-related shares rebounding after a three-day losing streak, the Nikkei climbing sharply in the session. European markets are also recovering, with easing oil prices and a more contained geopolitical tone helping Germany, the Netherlands, and Spain advance, while the UK is a modest laggard.

    Intl Developed market region icon

  • Emerging Mrkts

    4.86% of XEQT

    • XEC.TO
    +1.02% +0.05 pts to XEQT

    Emerging markets are up 1.02%, though the sleeve's 4.86% weight limits its contribution to 0.05 percentage points. Taiwan-listed equities are the primary driver among the markets tracked, rising 1.44%, supported by reported first-half export growth of nearly 50% on AI-related demand. South Korea gained 0.68% in part as SK Hynix's Nasdaq listing was oversubscribed, while India, China, and Brazil also advanced.

    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

All four sleeves advancing in the same session is not a daily given, and the breadth here reflects a genuine cross-regional lift rather than concentration in one corner of the fund. The dominant story within that breadth is the contrast between Canadian materials surging on gold and Canadian energy retreating on lower crude, a split that ultimately resolved in Canada's favor. For a long-term holder, what stands out is that the fund's largest drag, U.S. and Canadian energy, was more than offset by strength spread across technology, financials, and materials, leaving the session constructive without depending on any single bet.

Signals

  • 01

    Materials surges as energy retreats in Canada

    Canadian materials surged 3.23% among the sectors tracked while Canadian energy fell 1.14%, a split explained by gold rising 1.5% and WTI crude oil sliding 2%. For XEQT holders with exposure across both, the net effect was positive, as materials carry a larger within-sleeve weight and more than offset the energy drag.

  • 02

    U.S. technology dominates sleeve contribution

    U.S. technology advanced 2.38% among the sectors tracked, accounting for the majority of the U.S. sleeve's contribution to XEQT despite the sleeve's broad sector representation. The concentration of the U.S. sleeve's midday gain in a single sector is worth noting: strength in technology is amplified by its outsized share of that sleeve, meaning any reversal before the close would have a similarly outsized effect.

  • 03

    Copper rise echoes broad emerging market strength

    Copper, a commodity sensitive to global industrial demand and emerging market growth, rose 2.73% on the day, consistent with the broad advance in emerging market equities and the strength in materials globally. For XEQT holders, rising copper prices reinforce the constructive tone in commodity-linked and industrially oriented parts of the fund, though the direct sleeve impact remains modest given emerging markets' 4.86% weight.

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Jun 11 to Jul 9 · $44.40 → $45.22

+1.85%