This is the close brief for Tue, Jul 28, 2026. View latest

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Close Edition. Tuesday, July 28, 2026

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$44.82
+0.07%

Headline

TSX hits a record high as a chip-driven emerging market decline keeps XEQT nearly flat

XEQT closed up 0.07% at $44.82, a session in which Canada's record-setting advance absorbed a steep decline in emerging markets. The TSX hit a new all-time high, lifted by financials and a sharp rally in Canadian information technology, while South Korea's market suffered its worst single-day drop in years as concerns over Chinese semiconductor competition and AI-cycle durability sent chip stocks sharply lower across Asia. The U.S. sleeve eked out a small positive return as health care, communication services, and financials more than offset a decline in U.S. technology names. Intl developed markets finished marginally negative, with Japan's losses countered by gains across the UK, Switzerland, and Australia.

How large is today's move?

Typical day · Today's +0.07% 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

    25.59% of XEQT

    • XIC.TO
    +0.67% +0.17 pts to XEQT

    The Canadian sleeve rose 0.67%, contributing +0.17 percentage points to XEQT and driving the session's positive outcome. Information technology surged nearly 5% within the sleeve's tracked sectors, while financials added a further 1.16%, together more than offsetting losses in materials and energy. The TSX drove into record territory, with both sectors confirming the breadth of the advance.

    Canada market region icon

  • United States

    45.10% of XEQT

    • XTOT.TO
    • ITOT
    +0.13% +0.06 pts to XEQT

    The U.S. sleeve gained 0.13%, adding approximately +0.06 percentage points to XEQT. A continued selloff in U.S. technology, which fell 1.84% among tracked sectors, was overcome by broad strength in health care, communication services, financials, and consumer names. The rotation away from AI and chip-related stocks toward less-favored sectors was the defining dynamic within the covered U.S. exposures.

    United States market region icon

  • Intl Developed

    24.47% of XEQT

    • XEF.TO
    -0.12% -0.03 pts from XEQT

    XEF.TO slipped 0.12%, a drag of -0.03 percentage points on XEQT. Japan was the sleeve's heaviest weight and its steepest decliner among tracked markets, falling 1.84% as semiconductor-linked names extended losses from Asia's broader chip rout. The UK, Switzerland, Australia, and France all finished higher among the covered exposures, limiting the sleeve's overall decline to a narrow loss.

    Intl Developed market region icon

  • Emerging Mrkts

    4.69% of XEQT

    • XEC.TO
    -2.12% -0.10 pts from XEQT

    XEC.TO fell 2.12%, the session's sharpest sleeve decline, contributing -0.10 percentage points to XEQT. South Korea dropped more than 6% among tracked markets, with the KOSPI plunging roughly 11% on fears that Chinese chipmakers are closing the gap in memory semiconductor technology, threatening the earnings outlook for names like Samsung. Taiwan also fell sharply within the sleeve's covered exposures. India and China both posted gains, cushioning but not overcoming the damage from Northeast Asia.

    Emerging Markets market region icon

Colored bars represent biggest contributors to XEQT's move today (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

Canada's +0.67% close, driven by a 35-basis-point swing from financials and nearly 4 points from information technology within the sleeve, was the decisive counterweight to an emerging markets sleeve that fell more than 2%. The sharp divergence inside EM, with South Korea and Taiwan absorbing most of the damage while India and China held positive, is a reminder that the sleeve's headline number can mask a complex internal story. What mattered for XEQT holders is that the damage was contained by weight: EM is less than 5% of the fund, limiting the drag even on a bruising day for Asian chip names. Canada's record-high close carried the session.

Signals

  • 01

    EM chip rout concentrated in two markets

    South Korea's equity market fell more than 6% among tracked EM sectors, and Taiwan dropped nearly 4%, together accounting for the bulk of the emerging markets sleeve's 2.12% loss. The combined weight of these two markets within XEC.TO meant the selloff was real but contained; with EM at under 5% of XEQT, the -0.10 pp sleeve contribution reflects significant country-level stress with limited fund-level damage.

  • 02

    Oil drop reshapes sector leadership

    WTI crude oil, the benchmark price for global oil supply and demand, fell 4.27% to $79.08, a move that pressured Canadian energy and materials sectors while falling oil costs supported consumer-facing sectors in the U.S. The opposing effects produced a visible sector split within the session: Canada's energy sleeve declined 1.01% while U.S. consumer staples and discretionary names rose more than 1.5% each among tracked sectors.

  • 03

    Falling yields fuel defensive rotation

    The 10-year U.S. Treasury yield, which sets the baseline cost of borrowing across credit markets, fell to 4.60%, consistent with the rotation from high-growth technology names toward rate-sensitive sectors such as health care, financials, and consumer staples that dominated the U.S. sleeve's positive return. For a long-term XEQT holder, this sector rotation within the U.S. sleeve is what prevented a chip-heavy session from producing a negative U.S. contribution.

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Jun 30 to Jul 28 · $45.10 → $44.82

-0.62%