This is the midday brief for Thu, Jul 23, 2026. View latest

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Midday Edition. Thursday, July 23, 2026

Curated market context for passive investors.

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$44.44
-1.16%

Headline

XEQT deepens its decline to 1.16% as Big Tech earnings and surging oil pressure all four sleeves

XEQT was trading at $44.44, down 1.16% through midday, and losses have deepened since the early snapshot as selling extended across all four sleeves. Disappointing earnings from major technology and consumer names pulled U.S. consumer discretionary down 4.48% and communication services down 3.01% among the sectors tracked, making the U.S. sleeve the single largest drag at roughly 0.58 percentage points off XEQT's return. Oil surging past $90 a barrel complicated the picture: it drove Canadian energy up 2.03%, providing partial offset, but broadly weighed on markets sensitive to input costs. The VIX, a measure of expected U.S. equity volatility, has climbed more than 13%, consistent with the broad-based retreat.

How large is this afternoon's move?

Notable day · This afternoon's -1.16% move is 2.4× 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

    25.41% of XEQT

    • XIC.TO
    -0.90% -0.23 pts from XEQT

    Canada's sleeve fell 0.90%, contributing roughly 0.23 percentage points of drag, though the result masks a sharp internal split. Canadian energy rose 2.03% as WTI crude pushed above $90, providing meaningful support, but financials fell 1.51%, materials dropped 2.74%, and information technology declined 1.76%, collectively swamping that gain. Gold's decline of 2.39% helps explain the pressure on materials, which are heavily gold-weighted.

    Canada market region icon

  • United States

    45.21% of XEQT

    • XTOT.TO
    • ITOT
    -1.28% -0.58 pts from XEQT

    The U.S. sleeve fell 1.28%, the largest absolute contributor to XEQT's loss at around 0.58 percentage points. Among the sectors tracked, consumer discretionary was the sharpest decliner at 4.48%, with communication services down 3.01%, both tied to earnings reactions from major platform and consumer companies. Industrials and health care edged higher, but their gains were too small to offset the weight of the consumer and tech-adjacent sectors.

    United States market region icon

  • Intl Developed

    24.38% of XEQT

    • XEF.TO
    -1.31% -0.32 pts from XEQT

    International developed markets fell 1.31%, contributing about 0.32 percentage points of drag. Within the tracked exposures, France declined 1.82% and Germany 1.61%, with European sovereign debt stress adding pressure: France's 10-year borrowing rate reached its highest level since 2009. Japan dropped 1.30% and the UK fell 1.06%, with losses broadly distributed across the sleeve's largest markets.

    Intl Developed market region icon

  • Emerging Mrkts

    4.76% of XEQT

    • XEC.TO
    -0.74% -0.04 pts from XEQT

    Emerging markets fell 0.74%, though the sleeve's 4.76% weight in XEQT kept its contribution to roughly 0.04 percentage points. Taiwan-listed equities declined 1.94% and South Africa dropped 3.89% among the markets tracked, while South Korea rose 1.21%, providing partial offset. China was comparatively resilient, declining only 0.42%.

    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

A loss of 1.16% at 2.4 times the recent daily average reflects a session where earnings disappointments and an oil spike collided across every sleeve simultaneously. The notable counterpoint is Canadian energy, which rose 2.03% and meaningfully cushioned what could have been a steeper Canadian result. What stands out most is how concentrated the U.S. damage is in consumer discretionary and communication services, both linked to specific earnings outcomes rather than a broad macro deterioration, which limits the inferences one can draw about the wider portfolio.

Signals

  • 01

    WTI crude oil surges past $90

    WTI crude oil, which tracks the global price for a barrel of U.S. benchmark oil, surged 6.33% to $92.33, crossing $90 for the first time in recent sessions. This is creating a sharp internal divide: Canadian energy benefited directly while materials, European markets, and consumer sectors are facing cost-side pressure, a split that is already visible across multiple sleeves.

  • 02

    Consumer discretionary leads U.S. losses

    U.S. consumer discretionary fell 4.48% among the sectors tracked, the steepest decline of any tracked segment and roughly three times the size of the U.S. technology sector's move, driven by earnings reactions at major consumer and platform companies. For an XEQT holder, this concentration means that specific earnings outcomes, not a uniform market retreat, account for an outsized portion of the fund's midday loss.

  • 03

    VIX jumps 13% across session

    The VIX, which reflects the options market's expectation of near-term U.S. equity swings, has climbed 13.64%, consistent with a risk-off tone spanning all four sleeves rather than a single-market event. At 18.91 the VIX remains below historically elevated thresholds, but the magnitude of the single-day rise warrants attention if it persists into the afternoon.

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Key events from the last 20 days

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Jun 25 to Jul 23 · $44.65 → $44.44

-0.47%