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

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Midday Edition. Tuesday, July 28, 2026

Curated market context for passive investors.

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$44.83
+0.09%

Headline

XEQT recovers to flat as Canadian tech strength offsets emerging market chip selloff.

XEQT recovered from early weakness to trade flat by midday, erasing a 0.63% decline as Canadian and U.S. equities rebounded from a global chip selloff that crushed emerging market shares overnight. Canadian technology surged 4.50% and financials gained 0.85%, together accounting for most of the Canadian sleeve's turnaround to plus 0.42%. In the U.S., health care and consumer staples offset a 1.28% technology decline, bringing the sleeve to plus 0.18%. Emerging markets bore the brunt, with Taiwan and South Korea both falling more than 3% on concerns over artificial intelligence valuations and Chinese chip competition, but strength in India and China limited the sleeve's loss to 1.90%.

How large is this afternoon's move?

Typical day · This afternoon's +0.09% move is 0.2× 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

    25.59% of XEQT

    • XIC.TO
    +0.42% +0.11 pts to XEQT

    Canadian equities swung sharply higher as the session progressed, driven by technology stocks that surged 4.50% in a reversal from early selling pressure. Financials added 0.85% while consumer staples and industrials also contributed gains, more than offsetting declines in energy and materials. The sleeve's shift to plus 0.42% shows how the initial chip-driven selloff that pressured Canada in early trading gave way to domestic strength as the session evolved.

    Canada market region icon

  • United States

    45.10% of XEQT

    • XTOT.TO
    • ITOT
    +0.18% +0.08 pts to XEQT

    U.S. equities recovered from early losses as the chipmaker rout pressured the technology sector 1.28% but was offset by strength in health care, communication services, financials, and consumer discretionary shares. The sleeve's return to plus 0.18% reflects how diversification within U.S. markets limited the damage despite a significant technology drag. Oil's 5.36% decline through the session also benefited the broader equity complex.

    United States market region icon

  • Intl Developed

    24.47% of XEQT

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

    International developed markets were nearly flat as Japan's 1.43% decline weighed heavily on a sleeve where Japan comprises roughly one quarter of exposure. The United Kingdom, Switzerland, Australia, and France all posted gains of 1.07% to 1.80% that provided meaningful support, while continental Europe faced crosswinds from chip-heavy sectors. The slight -0.12% sleeve return shows how geographic diversification within the developed world cushioned what could have been a sharper loss.

    Intl Developed market region icon

  • Emerging Mrkts

    4.69% of XEQT

    • XEC.TO
    -1.90% -0.09 pts from XEQT

    Emerging markets bore the session's heaviest damage as South Korea fell 4.37% and Taiwan declined 3.38% on concerns over artificial intelligence capital intensity and Chinese semiconductor competition. Together these two large positions contributed nearly 1.70 percentage points of the sleeve's 1.90% decline. India's 1.18% gain and China's 0.37% advance provided partial offset, illustrating how within-emerging-market diversity still matters when headline risk concentrates in tech-dependent economies.

    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 global semiconductor rout that dominated Asian trading overnight sent all four sleeves lower in early trading, but Canadian and U.S. strength erased those losses by midday. The swing reflects how narrow today's damage remains: concentrated in chipmakers and memory stocks, while traditional defensives and domestic growth pockets offered ballast. XEQT's return near flat, despite one of the largest single-day corrections in emerging markets this month, underscores the cushioning effect of geographic and sectoral breadth.

Signals

  • 01

    Chip sector weakness offset by broad-based recovery

    A global semiconductor selloff that intensified overnight in Asia pressured all four XEQT sleeves early in the session, but strength in defensive sectors and non-tech equities allowed the fund to recover. For a long-term holder, today's reversal demonstrates how sector and geographic diversification can cushion sharply negative news in one area; the fund's move from minus 0.63% to flat shows that breadth, not concentrated damage, defines the session.

  • 02

    Canadian tech strength defies global chip rout

    Canadian information technology surged 4.50% in the face of global semiconductor weakness, a divergence that reflects strength in domestic tech names and buyback activity as valuations compressed. This single sector accounted for roughly one third of Canada's entire sleeve move, showing how outsized individual sector rallies can reshape a sleeve's path when broader markets are volatile.

  • 03

    Crude oil extends decline to multi-week lows

    Oil prices fell 5.36% to 78.18 per barrel, extending a three-day decline from recent highs and removing a major headwind that pressured markets in recent sessions. Cheaper oil benefits energy-importing economies and reduces inflation risk, which likely supported the U.S. and developed market recoveries visible midday; the macro indicator shift warrants close watching as it may signal a shift away from supply-shock fears that dominated last week.

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Jun 30 to Jul 28 · $45.10 → $44.83

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